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Aeon and The Community Development Trust purchased the 422-unit Seasons Park Apartments complex at 951 E. 77th St. in Richfield, MN from Forum Real Estate Group for $36 million, or approximately $85,000 per unit.
The 1960’s-era, 338,044-square-foot multifamily complex consists of one- and two-bedroom units.
The buyer plans to preserve affordable rents and stabilize rent rates. It was approximately 95 percent occupied at the time of sale.
Ted Bickel of Colliers International represented the seller.
Please see CoStar COMPS #4003335 for more information on this transaction.
