Marcus & Millichap Brokers Sale of MN Community
- Mar 02, 2018
Mount Royal Manor, a 114-unit community in Duluth, Minn., has changed hands. After recently arranging a Colorado multifamily sale, Marcus & Millichap secured the buyer and represented the seller in the $10.9 million sale.
Located at 100 Elizabeth St., the mid-rise building sits on approximately 4.3 acres and offers convenient access to the University of Minnesota Duluth campus. Mount Royal Manor is less than two miles from the College of St. Scholastica and five from Lake Superior College. Various restaurants, coffee shops, grocery stores and new retail options are nearby.
Close to full occupancy
Built in the ‘50s, the six-story community features a mix of 13 studios, 76 one-bedroom and 25 two-bedroom units. Property amenities include:
- picnic area
- community room with kitchenette
- study lounge
- laundry facility
- storage lockers
“From the 8th floor penthouse apartments you can watch a U of M Bulldog football game on your deck and, at halftime, walk to your living room and see sail boats on Lake Superior,” Mox Gunderson, investment specialist in Marcus & Millichap’s’ Minneapolis office, said in a prepared statement. “The property received interest from across the country, from both market-rate and student housing operators, as well as developers intrigued by the amount of land available in the offering. Mount Royal was near 100 percent occupancy at the time of sale.”
Mox Gunderson, Dan Linnell, Josh Talberg and Chris Collins, all with GLT Partners and investment specialists in Marcus & Millichap’s Minneapolis office, had the exclusive listing to market the property.
Image via Google Street View