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Property: Stonehill Apartments, 3501 Xenium Lane North, Plymouth, Minnesota
Buyer: Stonehill, LLC (Stuart Company)
Seller: Stonehill Apartments (Ron Clark Construction)
Sale Date: March 3, 2009
Sale Price: $22,300,000
Unit Price: $99,111
Gross Building Area: 366,529 square feet
Age: 1987
Land Size: 708,373 square feet, or 16.26 acres
Remarks: This 225-unit Class B apartment complex included 230 underground parking stalls, social room, guest suite, fitness center, indoor and outdoor pools, sauna, whirlpool, and party room. Unit amenities include individual HVAC system, dishwasher, disposal, washer/dryer, fireplaces (select units), patio/balcony. The complex features studios (540 sq. ft.) with rents at $830; one bedroom units (781-893 sq. ft.) with rents at $895 to $950; two bedroom units (1,084-1,260 sq. ft.) with rents between $1,070 to $1,220; and two bedroom/den units (1,447sq. ft.) with rents at $1,345. At the time of sale, the property was 92% leased and the seller agreed to master lease three units at the average rent for the complex for a period of eight months. The capitalization rate was 6.25%.
