Marcus & Millichap Facilitates Sale of 42 Unit Mixed Use Property in Minneapolis

MINNEAPOLIS, July 23, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Soleil Apartments, a 42-unit mixed-use property located in Minneapolis, Minnesota. The property sold for $3,050,000, or $72,619 per unit.

"After receiving multiple offers, the seller ultimately decided to select a buyer who offered to purchase the property on a contract for deed," said Michael Jacobs, senior associate.

Jacobs and Abe Roberts, investment specialists in Marcus & Millichap's Minneapolis office, had the exclusive listing to market the property on behalf of the seller, Soleil Properties LLC. Jon Ruzicka, Broker of Record in Minnesota, assisted in the transaction.

Soleil Apartments is located at 1425 La Salle Avenue in the Loring Park neighborhood of Minneapolis. The asset features 41 residential units, including 27 studios and 14 one-bedroom floor plans, and one retail unit currently leased until 2029. Built in 1914, the property sits on 0.21 acres and is in proximity to the Minneapolis Sculpture Garden and the Walker Art Center.

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About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.