This one is a big enough sale to say: WOW.
Park Place Apartments Plymouth, MN (link to Oodle)
Plymouth Park Place Apartments just sold to a South Carolina company for $54.7million. The extremely low vacancy rates on rentals right now and the low property prices make it a good time to invest, especially in Single Family rentals.
A friend of mine, Aaron Clarey who is an Economist extraordinaire, writer (Behind to Housing Crash) and blogger – programmed a nice Excel worksheet for me to analyze investment property returns. You can download it on the right sidebar or here:
Download and use to analyze potential returns on buying rental properties.
This Story is from Minneapolis/St Paul Business Journal:
The 500-unit Park Place Apartments in Plymouth has been sold for $54.7 million to a South Carolina company.
The four-building complex was bought byGreystar Real Estate Partners of Charleston, S.C., Finance & Commercereported. The previous owner was Dallas-based Park Place Portfolio Inc., an entity connected to Atlanta-based Invesco .
Image by stevelyon via Flickr
The rental market is going strong. Maybe worth considering purchasing rental properties…
Market rents for downtown Minneapolis apartments are up an average of 6.9 percent to $1,213 per month, from $1,135 at the same time last year, according to the report.
At the end of the second quarter, vacancy in the Downtown Minneapolis market declined to just 1.2 percent, down from from 6 percent a year ago…
In the Uptown neighborhood of Minneapolis, the vacancy rate is 1.9 percent.
Metrowide, the market posted a 2.4 percent vacancy rate, down from….read full story
After looking at the stock market crash, this is really looking to me like the safest place to put money right now…
Buy some homes for rental properties. (on the right column – use my spreadsheets to analyze rental properties to see if the investment makes sense for you.)
Star Tribune Article on rental vacancy