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Sentinel Management Acquires Multifamily Property In Blaine From Berkshire Residential Investments For $36.94M

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SOLD
$36,940,000

Minnesota

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MultiFamily
Sold 04/15/2024
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SOLD

Sentinel Management Acquires Multifamily Property In Blaine From Berkshire Residential Investments For $36.94M

9436 Ulysses Street Northeast

See Similar Deals
MultiFamily
Sold 04/15/2024
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Summary

MINNESOTA
Asset Type:MultiFamily
Transaction Type:Sale

An apartment building located at 9436 Ulysses Street Northeast in Blaine, Minnesota, was sold for $36,940,000. The property, known as Viridian Central, consists of 191 units with an average size of 889 square feet. The buyer, Fabrizio Montermini from Sentinel Management, acquired the property in a cash transaction from the seller, David Olney of Berkshire Residential Investments. CBRE represented the seller in this transaction.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $36,940,000
  • Units: 191
  • Price Per Unit: $193,403
  • Address: 9436 Ulysses Street Northeast
  • Market: Blaine, Minnesota

Abe Appert, Keith Collins, and Ted Abramson from CBRE facilitated the sale of the property. Sentinel Management, based in Edina, completed the purchase of the apartment building, which boasts strong occupancy rates and various amenities. Previously known as Berkshire Central, the property has been rebranded as Viridian Central as part of the transaction.

Players

Abe Appert
12 deals$654.1M volume(952) 924-4694
BROKER

Keith Collins
CBRE
13 deals$661M volume(952) 924-4654
BROKER

Ted Abramson
CBRE
14 deals$677.2M volume(952) 924-4881
BROKER

Details

SOLD
IMAGE: Abe Appert, David Olney, Keith Collins & Ted Abramson DATE: 04/15/2024 ADDRESS: 9436 Ulysses Street Northeast MARKET: Blaine, Minnesota ASSET TYPE: Multifamily BUYER: Fabrizio Montermini - Sentinel Management SELLER: David Olney - Berkshire Residential Investments (@BerkshireResi) BROKERS: Abe Appert, Keith Collins & Ted Abramson (@AbramsonTed) - CBRE (@CBRE) SALE PRICE: $36,940,000 UNITS: 191 ~ PPU: $193,403 NOTE: Sentinel Management, based in Edina, purchased a 191-unit apartment building in Blaine for nearly $37 million in cash from BMIRF Central LLC, a Berkshire Residential Investments entity. The property, formerly known as Berkshire Central and now rebranded as Viridian Central, boasts strong occupancy rates and various amenities, with CBRE representing the seller and the building averaging floor plans of 889 square feet.

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

$1,970,133.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$131,240.03
Cash-on-Cash Return-1.27%
Monthly Debt Service$175,114.45
Annual Debt Service$2,101,373.35