Updated Jul 13, 2026
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
About this deal
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.
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Hills Senior Housing Market Snapshot
Boundary boundary · Senior Housing · 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