Marcus & Millichap Brokers MN Property Sale
- Jul 20, 2018
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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