After recently arranging a multifamily sale in Duluth, Minn., Marcus & Millichap has facilitated the sale of Hoyt Avenue Apartments, a 36-unit community in St. Paul, Minn. The asset changed hands for $2.8 million. Michael Glass, regional manager of the firm’s Minneapolis office, along with Evan Miller, Mox Gunderson, Dan Linnell and Josh Talberg of GLT Partners, marketed the property on behalf of the seller, a partnership, and procured the buyer, a private investor.
Located at 601-613 Hoyt Ave., Hoyt Avenue Apartments provides easy access to Interstate 35E and is within a 12-minute drive of downtown St. Paul. Comprising two buildings, the property spans nearly an acre. Each building contains 18 units, ranging from 700 to 850 square feet. The unit mix consists of 18 one- and 18 two-bedroom apartments. Hoyt Avenue Apartments also features 22 garage stalls and 26 parking spaces. Recent upgrades to the property include new balconies, sliding doors and improvements to most of the unit interiors.
“Even with interest rates on a slight hike this year, values have remained at all-time highs, showing continued confidence and motivation with investors to place reserves that have been accumulating since the beginning of this upward cycle,” said Miller, in a prepared statement.
Image via Google Street View
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