The Emberwood Apartments, a 112-unit apartment complex located in Blaine, Minnesota, has new owners after recently selling for $23 million. The sale of the property marks one of the largest multifamily transactions in the northern suburbs so far this year.
A Growing Community
Located at 12664 Central Avenue NE, the Emberwood Apartments were completed in 2016 and feature a variety of one to three bedroom floor plans. Built by Forest Lake developer Norhart, the property offered residents convenient access to the amenities and businesses along congested Central Avenue in the heart of Blaine.
The city has seen significant growth in recent decades, making it an attractive location for developers looking to capitalize on the expanding population in the north metro area.
At the time of sale, Emberwood featured occupancy rates near full capacity, according to property listings. This solid performance helped drive the price per unit to $205,357 at closing, reflecting the ongoing demand for rental housing as home values and mortgage rates rise out of reach for many would-be buyers.
The sale represents one of the highest per-unit prices paid for a multifamily asset in Blaine and demonstrates continued investor appetite for stable income-producing properties.
Read more: Affordable Apartments Nearby
A Quiet Transaction
Details of the sale were kept private at the request of both parties involved. Representatives from Northmarq, who assisted with the transaction on behalf of the seller, declined to name either the buyer or previous owner. However, county records list Forest Lake-based Norhart as the developer and likely seller. The buyer also remains unknown as no certificate of real estate value was publicly filed.
What the Numbers Say
real estate experts analyzed the deal, noting the $23 million sales price matches Anoka County's 2023 assessed value of the property. Overall apartment sales across the Twin Cities metro have slowed in recent months as rising interest rates dampen transaction activity.
However, Class A assets in growth corridors like Blaine may still entice investors willing to hold for the long run. According to Maxfield Research Vice President Matt Mullins, northern suburbs have yet to see as robust development as other areas but the transaction appears to make financial sense given the quality of the asset.
As inflation and rates impact the for-sale housing sector, rental demand is expected to remain strong through 2024. Properties offering modern amenities near employment centers like the Emberwood continue drawing strong rents relative to construction costs.
Only time will tell if larger portfolios trade hands or if hesitation around economic uncertainty affects smaller deals going forward. For now, this quiet sale shows appetite remains for stable cash flow from apartments even in a shifting market.
New Owners, Bright Future
While the new owners of the Emberwood Apartments chose to remain anonymous, they have seemingly acquired a well-performing asset with long-term income potential. Located in a growing outer-ring suburb of the Twin Cities, the property is well-positioned to benefit from demographic and employment trends for years to come.
For Blaine residents and the surrounding community, new private ownership is likely to mean continued quality housing options and further investment in the expanding rental market.
