NIF BPG Briarcliff LLC Purchases 70-Unit Senior Housing In Mahtomedi For $10.4M

The property involved in this transaction is a senior housing asset located at 115 East Avenue in Mahtomedi, MN. The asset spans 8.02 acres and contains a total of 70 units. It was sold for $10,400,000, which equates to approximately $148,571 per unit. This senior housing property, known as Briarcliff Manor, was originally built in 1996 and is positioned in a market where the pricing aligns with post-renovation valuations near the Twin Cities apartment market average.

Summary of transaction details:

• Property Type: Senior Housing
• Transaction Amount: $10,400,000
• Address: 115 East Avenue
• Market: Mahtomedi, MN
• Acres: 8.02
• Units: 70
• Price Per Unit: $148,571
• Buyer: NIF BPG Briarcliff LLC
• Seller: North Shore Development Partners

An entity affiliated with North Shore Development Partners completed the sale of the 70-unit senior apartment community Briarcliff Manor to NIF BPG Briarcliff LLC. The transaction reflects the commitment to improving value after renovations at the property, which was previously owned by an affiliate of Integrity Senior Housing Management.