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The longtime owners of the 192-unit Villa Del Coronado<\/a> apartments in Brooklyn Park have sold them to a new investor in the market for $16.5 million, according to brokers who put the deal together.\n<\/p>\n The complex includes eight three-story masonry buildings, developed in 1969 on 8.12 acres at 8104 Zane Ave. N. There are 96 one-bedroom and 96 two-bedroom units, which were renovated in 2005.\n<\/p>\n The sale price works out to $85,397.50 per unit.<\/p>\n The average price for apartments in the Twin Cities metro area is $159,086, according to the Finance & Commerce\u00a0Apartment Sales Tracker<\/a>\u00a0at finance-commerce.com. The tracker has recorded the sale of 110,208 apartment units since 2011.\n<\/p>\n A team from Northmarq<\/a> represented the sellers.\n<\/p>\n \u201cVilla Del Coronado was a legacy asset for the sellers, having been held for more than 40 years,\u201d said Dylan Steman, Northmarq vice president for investment sales. \u201cAs they continue moving capital into newer developments, the timing made sense to transition the property to a new owner. The buyer is a private investor new to the market and excited to establish a foothold in the area.\u201d<\/p>\n Hennepin County assessed the property in 2024 at $19.5 million, with a tax bill of $346,057.\n<\/p>\n The certificate of real estate value was not available in time for this column. Big River Real Estate acquires two industrial properties\n<\/p>\n Big River Real Estate, based in St. Louis Park, has spent $5.86 million to add two properties to its latest investment fund. The deal includes $4.86 million for a 47,840-square-foot building at 5380 Cottonwood Lane SE in Prior Lake and $1 million for a 10,000-square-foot building at 6251 McKinley St. NW in Ramsey.\n<\/p>\n Both properties were sold by a Shakopee owner.\n<\/p>\n \u201cWe raised our fifth closed-end, real estate fund late last year and we are very happy to have added these two single-tenant, net-leased industrial assets to the portfolio,\u201d said Ryan P. Mallery, CEO and fund manager of Big River Real Estate LLC, based in St. Louis Park. \u201cThese are the second and third assets in the fund and we are now about one-third invested. We are actively looking for product in and around the Twin Cities. The seller and their agents, Lucas Long and Brian Netz of Newmark, were great to work with, and special thanks to Patrick Cullen and his new firm Cetra Partners for bringing these to our attention.\u201d\n<\/p>\n Place: 5380 Cottonwood Lane SE, Prior Lake\n<\/p>\n Price: $4,860,000, no down payment listed; new mortgage\n<\/p>\n Buyer: Big River Cottonwood LLC, c\/o Big River, St. Louis Park\n<\/p>\n Seller: Cottonwood 5380 LLC, Shakopee\n<\/p>\n Date: 4-15-26\n<\/p>\n
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The Villa Del Coronado apartment complex has 96 one-bedroom and 96 two-bedroom units, which were renovated in 2005. (Submitted photo: Northmarq)\n<\/p>\n