Trident Development Acquires 10 Acres In Arden Hills From North Heights Lutheran Church For $2.25M

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.