St. Paul Community Attracts High Investor Competition
- May 17, 2018
Marcus & Millichap has facilitated the transaction of Priscilla Street Villas in St. Paul, Minn. The 11-unit asset was sold for $1.4 million, above the list price. Both the buyer and the seller are private investors.
Located at 2333 Priscilla Street, the property offers only two-bedroom/one-bath apartments and is part of the residential neighborhood near Alden Park. The surrounding area is abundant in green spaces, with six parks within a half-mile radius. University of Minnesota and Como Regional Park are within a 10-minute drive, while the Minnesota State Fair is a 30-minute walk away. Priscilla Street Villas is close to Highway 280, providing easy access to downtown Minneapolis and St. Paul’s central district.
Marcus & Millichap’s Mox Gunderson, Dan Linnell, Josh Talberg and Evan Miller, of the firm’s Minneapolis office, have facilitated the transaction. The GLT Partners team recently closed another Minnesota deal for $2.8 million.
“Coupled with the building’s charm in architectural design and substantial economic drivers in the immediate submarket, this offering drew over a dozen property tours, ultimately accepting an offer above the list price,” Miller said, in prepared remarks.
Image via Google Street View