San Francisco-based FPA Multifamily has picked up two multifamily properties in Burnsville, MN. for a combined $72.5 million. The 588-unit apartment portfolio traded for just under $123,300 per unit. The communities are located 20 minutes south of downtown Minneapolis and St. Paul. Madison Atrium, is comprised of 348 units and was built in 1986, while the second property Madison Trailways contains 240 units and was completed in 1988. At the time of the sale the portfolio was 95 percent occupied. The seller, Equus Capital Partners, was represented by Keith Collins and Abe Appert of CBRE.
“The market’s favorable response to our renovation program resulted in rent growth that exceeded our initial expectations,” commented Greg Curci, Vice President of Equus, who was responsible for overseeing the disposition for the firm. “Accelerated demand for proven value-add investments presented us with the opportunity to exit the investment earlier than we had originally anticipated without compromising our investors’ returns.”
