Marcus & Millichap Facilitates $9M Sale of 96-Unit Apartment Property in Minnesota

ST. CLOUD, Minn., Nov. 11, 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 Sterling Heights, a 96-unit apartment property located in St. Cloud, Minnesota. The property sold for $9 million, or $93,750 per unit.

"The property was a strategic fit for the purchaser as they currently own units in the area and will be able to create management efficiencies with this acquisition," said Chris Collins, first vice president investments.

Collins, Evan Miller and Eric Wagner, investment specialists in Marcus & Millichap's Minneapolis office, marketed the property on behalf of the seller, a Minnesota LLC, and procured the buyer, a Wisconsin LLC.

Located at 2010 27th St. SE, Sterling Heights offers a mix of studio, one-, two- and three-bedroom floor plans across 91,621 rentable square feet. Built in 2002, the property spans 4.57 acres off Highway 10, near Riverside Park and St. Cloud State University.

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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.