MN 55+ Community Sells Above the Listing Price
Lynn Court Apartments in Savage received offers from investors from seven different states, which is believed to be representative for the state of the area's multifamily market.
Lynn Court Apartments, 4350 W. 124th St., Savage, Minn.
Marcus & Millichap’s Minneapolis office has completed the sale of Lynn Court Apartments, a 45-unit senior living community in Savage, Minn. The transaction price was $4.5 million, “which represented a premium of nearly 10 percent over list price,” according to Abe Roberts, an investment specialist with the company, who marketed the property on behalf of the seller and procured the buyer. The asset received offers from investors from seven different states.
Lynn Court Apartments is located at 4350 W. 124th St. , and consists of one-bedroom units. It is close to Highway 13 and Canterbury Park, and 15 minutes from Mall of America in Bloomington and Minneapolis-Saint Paul International Airport.
“We are seeing fierce competition for quality, well-built multifamily assets in this market from both regional and national buyers,” added Roberts in a prepared statement. The broker has recently arranged a number of other multifamily sales in the area, the most recent one being the 12-unit Colfax Avenue community, which traded for $1.4 million.
Image courtesy of Marcus & Millichap
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