Marcus & Millichap Arranges Sale of Uptown Minneapolis Asset
- May 23, 2018
Marcus & Millichap has brokered the sale of Colfax Avenue, a 12-unit apartment property in Minneapolis. Jon Ruzicka, regional manager of the company’s Minneapolis office, worked with GLT Partners to close the $1.4 million deal. Mox Gunderson, Dan Linnell, Josh Talberg and Abe Roberts marketed the property on behalf of the seller, a private investor, and also secured the buyer, another private investor. The same GLT team recently brokered the sale of Hoyt Avenue Apartments, a 36-unit community in St. Paul, Minn.
Located at 2500 S. Colfax Ave., the community is in the Uptown neighborhood of the metro, providing easy access to the junction between interstates 35 and 94. Downtown Minneapolis is less than two miles away. Built in 1967, Colfax Avenue consists of nine one-bedroom units and three studio apartments. Amenities include 12 off-street parking spaces.
“The property garnered tremendous interest from the investment community. Ultimately, we toured the property over 30 times and received multiple offers. Even though we are in an increasing interest rate environment, values have remained strong, which led to a sale price that exceeded our list price,” said Roberts, in a prepared statement.
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