Trident Development Acquires 10 Acres In Arden Hills From North Heights Lutheran Church For $2.25M
1750 County Highway 96
$2,250,000
Units
119
Asset Type
Senior Housing
Closing
Jul 8, 2026
AI
The transaction involves the sale of a senior housing asset located at 1750 County Highway 96 in Arden Hills, MN. The property spans 10 acres and has a total of 119 units, with a per unit price of $18,908. The sale price for the asset was $2,250,000. Construction for the development is slated to commence next week.
Summary of transaction details:
- Property Type: Senior Housing
- Transaction Amount: $2,250,000
- Units: 119
- Per Unit Price: $18,908
- Market: Arden Hills, MN
- Seller: North Heights Lutheran Church
- Buyer: Trident Development
- Construction By: Lyon Contracting
- Target Completion: Summer or Fall 2027
North Heights Lutheran Church sold the 10 acres of its Arden Hills campus to Trident Development, facilitating the establishment of the 119-unit Platinum 55 Apartments, a market-rate senior housing community. The construction is expected to begin shortly and aims for completion within the next two years.
Players
Hills Senior Housing Market Snapshot
Boundary boundary ยท Senior Housing ยท Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
7.05%
Cash-on-Cash
-2.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93