After Half a Century, Vintage Property Gets New Owner

A 54-unit apartment building near Lake Calhoun has changed hands for $9 million.
2920 DeanParkway

2920 Dean Parkway

Minneapolis—Marcus & Millichap’s Minneapolis office recently arranged the sale of Dean Parkway, a 54-unit multifamily community in Minneapolis. According to the Minneapolis-St. Paul Business Journal, the 62-year-old asset sold for $9 million to 5920 Dean Parkway Apartments LLC.

Marcus & Millichap investment specialists Josh Talberg, Mox Gunderson, Dan Linnell and Adam Haydon marketed the property on behalf of the seller, Kraft Mercantile Co.

“The subject property is a legacy asset that hadn’t sold in over 50 years,” Talberg said. “The property attracted both local and national capital and will rightfully set a new benchmark for this vintage asset in the Twin Cities.”

Located at 2920 Dean Parkway near Lake Calhoun, the building consists of 54 one- and two-bedroom apartments, and features amenities such as a fitness center, 40 covered parking spaces, laundry facilities, and high-speed Internet access, according to data from Yardi Matrix. The property is situated on the Midtown Greenway Bike Path, and offers easy access to bus routes, Uptown and a nearby Whole Foods market.

Image courtesy of Marcus & Millichap