Gaughan Companies/CORFAC International recently closed the sale of 17 fully leased units in the Rum River Condominium building in Isanti, Minn., for $800,000, or an average of $47,059 per condominium home. The 17 units are part of a larger 50-unit condominium building.
Lou Suski and John Chirhart, both vice presidents with Gaughan Companies/CORFAC International, represented the seller and procured the purchaser. The bank-owned property was sold for $800,000 to Isanti Condos, LLC represented by Larry Olson and Gary Stenson.
The Rum River Condominium building was built in 2005 and features 50 one- and two-bedroom units with underground parking. Situated on 2.6 acres of land, the site has two adjoining multi-family pad sites for additional development.
“We are extremely pleased to have sold this property on behalf of our valued client,” said Suski. “The new owners acquired a fully leased, well-designed condo portfolio yielding positive cash flow at an excellent price. Despite the challenges of the current investment market and the properties’ somewhat distant location from the metro core, we were able to close this transaction in just over 120 days after listing.”
