Updated Dec 4, 2024
Timberland Partners Acquires 237-Unit Rya Apartments In Richfield From Schafer Richardson For $52.2M
6300 Richfield Parkway
$52,200,000
Units
237
Asset Type
MultiFamily
Closing
Nov 13, 2024
About this deal
AI
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.
On the Map
$52,200,000
MultiFamily
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Players
Minneapolis MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.30%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93