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

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.