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Timberland Partners Acquires 237-Unit Rya Apartments In Richfield From Schafer Richardson For $52.2M

Property Image
SOLD
$52,200,000
Ted Bickel
Jeff Budish
Dylan Steman

Minnesota

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MultiFamily
Sold 11/13/2024
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Property Image
SOLD

Timberland Partners Acquires 237-Unit Rya Apartments In Richfield From Schafer Richardson For $52.2M

6300 Richfield Parkway

See Similar Deals
MultiFamily
Sold 11/13/2024
Ted Bickel
Jeff Budish
Dylan Steman
the dealplayerscompscontact
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Summary

MINNESOTA
Asset Type:MultiFamily
Transaction Type:Sale

The property asset involved in this transaction is the Rya Apartments, a multifamily residential building located at 6300 Richfield Parkway in Richfield, MN. The asset consists of 237 units and was sold for a price of $52,200,000, equating to a price per unit of $220,253.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $52,200,000
  • Units: 237
  • Price Per Unit: $220,253
  • Buyer: Timberland Partners
  • Seller: Schafer Richardson
  • Brokers: Dylan Steman, Jeff Budish & Ted Bickel - NorthMarq
  • Sale Date: 11/13/2024

This transaction marks Timberland Partners' latest acquisition in the Twin Cities area, facilitated as part of a 1031 exchange following their property sales in Detroit and St. Cloud. NorthMarq’s team, including Ted Bickel, Jeff Budish, and Dylan Steman, effectively brokered the deal.

Players

Ted Bickel
NorthMarq
Ted Bickel
8 deals$203.9M volume
BROKER
Jeff Budish
NorthMarq
Jeff Budish
8 deals$203.9M volume
BROKER
Dylan Steman
NorthMarq
Dylan Steman
5 deals$159.8M volume(763) 438-1623
BROKER

Details

SOLD
IMAGE: 11/13/2024 ADDRESS: 6300 Richfield Parkway MARKET: Richfield, MN ASSET TYPE: Multifamily BUYER: Timberland Partners SELLER: Schafer Richardson BROKERS: Dylan Steman, Jeff Budish & Ted Bickel - NorthMarq SALE PRICE: $52,200,000 UNITS: 237 ~ PPU: $220,253 NOTE: Timberland Partners acquired the 237-unit Rya Apartments in Richfield from Schafer Richardson for $52.2 million, marking their latest purchase in the Twin Cities area. Northmarq’s Ted Bickel, Jeff Budish, and Dylan Steman brokered the deal, part of a 1031 exchange following Timberland’s property sales in Detroit and St. Cloud.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,784,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$185,455.57
Cash-on-Cash Return-1.27%
Monthly Debt Service$247,454.63
Annual Debt Service$2,969,455.57