Marcus & Millichap Closes Sale of Garden-Style Apartments in St. Paul
- Jul 11, 2016
Saint Paul, Minn.—Marcus & Millichap has arranged the sale of Birmingham Woods, a 28-unit apartment community at 1424 & 1426 Case Ave. in Saint Paul, Minn. According to the announcement made by Craig Patterson, regional manager of the firm’s Minneapolis office, the asset changed hands for approximately $2.3 million.
Built in the early 1980’s, Birmingham Woods comprises seven residential buildings and consists entirely of three-bedroom/one-bathroom apartments. Residents have access to both tuck-under and detached garage stalls. The property is situated close to downtown, parks and recreation centers, churches, as well as schools such as Metro State and St. Paul College.
Mox Gunderson, Dan Linnell, Josh Talberg and Evan Miller, investment specialists in Marcus & Millichap’s Minneapolis office, had the exclusive listing to market the property on behalf of the seller. The buyer, a private investor, was also secured and represented by the listing team.
“This asset attracted various types of investors that were drawn from both Saint Paul and the greater Twin Cities metro area. The multiple offers were primarily motivated through attractive agency debt and exchange buyers, ultimately closing at $83,036 per unit,” Miller said in prepared remarks.
Image courtesy of Marcus & Millichap