Eaton Vance Corp Acquires 262-Unit Axle Apartments In Fridley From Roers Cos For $59.4M

The Axle Apartments, a 262-unit multifamily property, is located at 6530 University Avenue Northeast in Fridley, MN. The asset was sold for $59,400,000, translating to approximately $226,718 per unit. The complex was built in 2023 with an initial development cost of $52 million and, at the time of sale, was 95% pre-leased, indicating strong market demand for the property.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $59,400,000
• Units: 262
• Price Per Unit: $226,718
• Buyer: Eaton Vance Corp
• Seller: Brian Roers & Kent Roers - Roers Cos
• Broker: Dylan Steman - Northmarq
• Market: Fridley, MN
• Assumed mortgage interest rate: 4.62%
• Balloon due date: Sept. 2032

This transaction involved key individuals including Brian Roers and Kent Roers, representing Roers Cos, who were the sellers, and Dylan Steman from Northmarq, who acted as the broker in the deal. The property was funded through an assumed mortgage, reflecting a long-term investment strategy by the buyer, Eaton Vance Corp.