Marcus & Millichap Inc.
10/02/2024 | Press release | Distributed by Public on 10/02/2024 14:10
Marcus & Millichap Announces Sale of 28-Unit Multifamily Property in St. Paul
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Marcus & Millichap Announces Sale of 28-Unit Multifamily Property in St. Paul
October 02, 2024
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ST. PAUL, Minn., Oct. 2, 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 Birmingham Heights, a 28-unit apartment property located in St. Paul, Minnesota. The property sold for $3,640,000, or $130,000 per unit.
"This is the highest price per unit achieved for a property of this vintage and location in recent years," said Matt Shide, associate. "It demonstrates both the strong demand for multifamily assets in St. Paul and our team's ability to maximize value for our clients."
Shide, Evan Miller, Chris Collins, Eric Wagner, and Zack Olson investment specialists in Marcus & Millichap's Minneapolis office, had the exclusive listing to market the property on behalf of a local St. Paul owner. The building was purchased by an out-of-state exchange buyer looking to build their portfolio of apartments throughout Minnesota. Jon Ruzicka, Broker of Record in Minnesota, assisted in closing the transaction.
Birmingham Heights is located at 1424 Case Avenue E, in the Greater East Side Neighborhood of St. Paul. Built in 1983, the apartment property consists of 28 three-bedroom units across 2.04 acres. The asset is situated 3.5 miles east of Downtown St. Paul, with proximity to St. Paul Airport, Metropolitan State University and 3M headquarters.
"This is the highest price per unit achieved for a property of this vintage and location in recent years," said Matt Shide, associate. "It demonstrates both the strong demand for multifamily assets in St. Paul and our team's ability to maximize value for our clients."
Shide, Evan Miller, Chris Collins, Eric Wagner, and Zack Olson investment specialists in Marcus & Millichap's Minneapolis office, had the exclusive listing to market the property on behalf of a local St. Paul owner. The building was purchased by an out-of-state exchange buyer looking to build their portfolio of apartments throughout Minnesota. Jon Ruzicka, Broker of Record in Minnesota, assisted in closing the transaction.
Birmingham Heights is located at 1424 Case Avenue E, in the Greater East Side Neighborhood of St. Paul. Built in 1983, the apartment property consists of 28 three-bedroom units across 2.04 acres. The asset is situated 3.5 miles east of Downtown St. Paul, with proximity to St. Paul Airport, Metropolitan State University and 3M headquarters.
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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.