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LaSalle Investment Management Acquires Cavanagh Senior Apartments From Dominium Management For $26M
SOLD
$26,000,000
Minnesota
See Similar DealsSenior Housing
Sold
SOLD
LaSalle Investment Management Acquires Cavanagh Senior Apartments From Dominium Management For $26M
5401 51st Avenue North
See Similar DealsSenior Housing
Sold
Summary
MINNESOTA
Asset Type:Senior Housing
Transaction Type:Sale
The Cavanagh Senior Apartments, located at 5401 51st Avenue North in Crystal, Minnesota, is a four-story senior housing property comprising 130 units. Recently sold for $26 million, the price per unit stands at $200,000. The property was constructed in 2015 and is associated with the Low-Income Housing Tax Credit Program.
Summary of transaction details:
- Property Type: Senior Housing
- Transaction Amount: $26,000,000
- Buyer: LaSalle Investment Management
- Seller: Dominium Management
- Units: 130
- Price Per Unit: $200,000
- Location: Crystal, MN
This transaction marks the second senior-focused deal between LaSalle Investment Management and Dominium Management within the Twin Cities metro region in the past week.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,386,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$92,372.50
Cash-on-Cash Return-1.27%
Monthly Debt Service$123,253.26
Annual Debt Service$1,479,039.17
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