St. Paul Community Attracts High Investor Competition

Marcus & Millichap arranged the sale of Priscilla Street Villas, an 11-unit apartment building in Saint Paul, Minn. The property was sold for an amount above the asking price.
Priscilla Street Villas
Priscilla Street Villas

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