Marcus & Millichap Inc.
08/20/2024 | Press release | Distributed by Public on 08/20/2024 13:53
Marcus & Millichap Facilitates $12M Sale of 120-Unit Apartment Property in Minnesota
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Marcus & Millichap Facilitates $12M Sale of 120-Unit Apartment Property in Minnesota
August 20, 2024
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BROOKLYN PARK, Minn., August 20, 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 The Groves Apartments, a 120-unit apartment property located in Brooklyn Park, Minnesota. The property sold for $12,000,000, or $100,000 per unit.
"The sellers of The Groves were a family operation that maintained ownership for over 30 years," said Zach Olson, associate. "They were looking to divest from the multifamily market and entrusted our team to handle the task. We sourced an out-of-state group that was motivated to enter the Minnesota market and was in a 1031 exchange."
Olson, Chris Collins, Evan Miller, Eric Wagner and Matt Shide, investment specialists in Marcus & Millichap's Minneapolis and Milwaukee offices, had the exclusive listing to market the property on behalf of the seller, The Groves Apartments LLC, and procured the buyer, an out-of-state investment group. Jon Ruzicka, Broker of Record in Minnesota, assisted in closing the transaction.
The Groves Apartments are located at 6902 63rd Avenue N. across 5.98 acres. Built in 1967, the apartments feature 60 800-square-feet one-bedroom units and 60 1,000-square-feet two-bedroom units. The property offers a range of amenities including a fitness center, community room, playground, 120 garage units, in-unit laundry and off-street parking. The asset is situated near Elm Creek Park Reserve, Edinburgh USA Golf Course and North Hennepin Community College.
"The sellers of The Groves were a family operation that maintained ownership for over 30 years," said Zach Olson, associate. "They were looking to divest from the multifamily market and entrusted our team to handle the task. We sourced an out-of-state group that was motivated to enter the Minnesota market and was in a 1031 exchange."
Olson, Chris Collins, Evan Miller, Eric Wagner and Matt Shide, investment specialists in Marcus & Millichap's Minneapolis and Milwaukee offices, had the exclusive listing to market the property on behalf of the seller, The Groves Apartments LLC, and procured the buyer, an out-of-state investment group. Jon Ruzicka, Broker of Record in Minnesota, assisted in closing the transaction.
The Groves Apartments are located at 6902 63rd Avenue N. across 5.98 acres. Built in 1967, the apartments feature 60 800-square-feet one-bedroom units and 60 1,000-square-feet two-bedroom units. The property offers a range of amenities including a fitness center, community room, playground, 120 garage units, in-unit laundry and off-street parking. The asset is situated near Elm Creek Park Reserve, Edinburgh USA Golf Course and North Hennepin Community College.
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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.