Marcus & Millichap Partner Facilitates $16M Sale in MN
- Jan 09, 2018
Marcus & Millichap has facilitated the sale of Tamarind Apartments, a 102-unit property in Saint Louis Park, Minn., for $15.7 million. Mox Gunderson, Dan Linnell and Josh Talberg of GLT Partners in the firm’s Minneapolis office represented the seller—a local partnership. The brokers also secured the buyer, Main Street Cos. GLT procured the buyer for another Minnesota multifamily deal last fall.
Located at 2300 Ridge Drive, Tamarind Apartments is less than three miles from Interstate 394, while downtown Minneapolis is a 20-minute drive away. The property comprises 68 one- and 34 two-bedroom apartments. Built in 1986 on a three-acre site, Tamarind includes a swimming pool, six laundry facilities and 190 parking spaces. At the time of sale, the property was fully occupied.
“Tamarind is a trophy multifamily property in the heart of the West End neighborhood of Saint Louis Park. Tenants live at Tamarind due to its proximity to retail, dining and entertainment venues, all within walking distance and its easy access to downtown Minneapolis, not to mention Tamarind’s relative affordability compared to newly constructed projects in the area,” said Talberg, in a prepared statement.
Image courtesy of Yardi Matrix
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