Marcus & Millichap Brokers MN Property Sale

Evan Miller of the company’s Minneapolis office and the firm’s national group sold The Hillcrest Apartments in South St. Paul.

The Hillcrest Apartments

The Hillcrest Apartments

Marcus & Millichap has facilitated the $4.5 million sale of The Hillcrest Apartments, a 53-unit community in South Saint Paul, Minn. Multifamily Investment Specialist Evan Miller of the company’s Minneapolis office and the firm’s national multi-housing group worked on behalf of the seller, a private investor. The team also procured the buyer, another private investor. 

Located at 219 3rd Ave. S., The Hillcrest Apartments comprises 20 studios, 30 one- and three two-bedroom units in seven buildings. Completed in 1916, the property has had the same owner and manager since the 1960s. Common-area amenities include controlled access and seven laundry facilities. At the time of the transaction, the property was fully leased.

“The three-week marketing campaign resulted in 20 tours and nine offers, flowing from a combination of local and out of state capital. Despite the high count of one bedroom and studio apartments, the asset traded at an impressive price per door of $85,000, a new benchmark for this product’s era and location,” said Miller, in a prepared statement.

Marcus & Millichap’s Minneapolis multifamily team has been active in the area, having transacted more than 20 properties since the beginning of 2018. One of the deals was the $16 million sale of Tamarind Apartments, a 102-unit community in Saint Louis Park, Minn.

Image courtesy of Yardi Matrix

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