Just Sold: Hutchinson apartments draw $5.7 million.


Byline: Anne Bretts

Editor's note: "Just Sold" is a Finance & Commerce feature based on certificates of real estate value recently filed for commercial transactions and significant residential transactions in Twin Cities counties. Additional details in the transactions come from Plat Research, the Minnesota Secretary of State's Office, company documents, online real estate listings, F&C archives, CoStar and other research. Some purchase prices and per-unit calculations have been rounded.


A Bloomington-based investor has paid $5.7 million for the 76-unit Country Club Manor apartments in Hutchinson.

Country Club Manor LLC closed on the acquisition from Gary R. Scherber in Monticello. Scherber bought the property for $4.36 million in 2016.

The current price includes $585,865 in leases, equipment and appliances. The sale, which lists no down payment and new financing, is part of a 1031 exchange.

The property includes five low-rise buildings, completed in 1988 at 765-815 School Road N.

The price works out to $75,000 per unit. The average sales price per unit for apartments in the Twin Cities metro area is $135,757, according to the Finance & Commerce Apartment Sales Tracker at finance-commerce.com. The tracker has recorded the sale of 56,494 apartment units since Aug. 31, 2011.

The property includes a mix of one- and two-bedroom units from 620 to 1,020 square feet, with rents from $615 to $745 per month. The property was managed by INH Properties in St. Cloud.

The parties involved couldn't be reached Thursday.

Purchase price: $5.7 million

Price per unit: $75,000

Last sale: $4.36 million in 2016

Date of deed: 10-24-19

ECRV released: 10-30-19

Investor acquires Alexandria Starbucks, St. Paul Caribou

Description: 2,200-square-foot restaurant, leased to Starbucks, built in 2018 on 0.71 acres as 615 44th Ave. W. in Alexandria

Buyer: TJR Properties LLC, a private investor in Minneapolis

Seller: StarAlex LLC, Alexandria

Purchase price: $1.793 million, with a $627,550 down payment and new financing; part of a 1031 exchange

Price per square foot: $815

The transaction: A buyer looking for investments to complete a 1031 exchange has paid $1.793 million for a 2,200-square-foot Starbucks restaurant building, developed in 2017 at 615 44th Ave. W. in Alexandria. The price works out to $815 per square foot.

The new Starbucks is located on the northeast corner of Dakota Street and Highway 29, where traffic counts average more than 21,000 vehicles daily.


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