SPOTLIGHT ON MINNEAPOLIS: Marcus & Millichap Closes Two M-F Sales Totaling 106 Units
- Jan 16, 2015
Brokerage firm Marcus & Millichap recently arranged the sale of two multifamily properties in the city of Minneapolis for close to $10.5 million. Dan Linnell, Josh Talberg and Mox Gunderson of the company’s Minneapolis office represented both parties in the transactions.
Grant Street Commons, an 84-unit apartment community located at 515 E. Grant St., went for nearly $8.5 million. According to Linnell, the buyer plans to invest in upgrades to residential units and common-area amenities in order to obtain higher rents. The building consists of nine studio, 65 one-bedroom and 10 two-bedroom apartments and is located in close proximity to the new Vikings Stadium and the Downtown East mixed-use development. Grant Street Commons also offers surface and underground parking, a fitness center and a community room.
Amber Court Apartments, a 22-unit apartment building at 5523 and 5531 Washburn Ave. South, sold for $2.1 million. Built in 1959, it includes vintage features such as original woodwork and hardwood flooring. “The deal received interest from both local and out-of-state investors, ultimately generating 18 offers within a two-week marketing timeline,” Talberg explained. “The property closed within 2.5 weeks of going under contract substantially over list price.”
Images courtesy of Marcus & Millichap
Click here for further market data on Minneapolis.