MINNEAPOLIS—Isanti Condos LLC has paid $800,000 to acquire 17 fully leased units in the Rum River Condominium building located at 610 Whiskey Road in Isanti, Minn. Lou Suski, vice president, and John Chirhart, vice president, of Gaughan Companies/CORFAC International represented the seller and procured the purchaser. Isanti Condos LLC was represented by Larry Olson and Gary Stenson.
Built in 2005, the Rum River Condominium building includes 50 one- and two-bedroom units with underground parking. Situated on 2.6 acres, the site has two adjoining multifamily pad sites for additional development. The property is located approximately 40 miles north of Minneapolis.
“The new owners acquired a fully leased, well designed condo portfolio yielding positive cash flow at an excellent price,” said Suski. “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.”