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Colliers Brokers Sale of St. Cloud Apartments for $10.75M
Colliers recently represented Timberland Properties in the sale of Quarry Commons Apartments, a two-building, 102-unit low-rise, garden multifamily property located at 1965 Quarry Rd., St. Cloud, Minnesota, to Washington-based Weidner Investment Services, Inc. for $10.75 million.
A Colliers team of Dan Linnell, Adam Haydon, Mox Gunderson, and Devon Dvorak represented Timberland in the transaction. “The accretive, assumable financing added to the opportunity’s attractiveness and created a very competitive bidding process,” said Linnell. “Weidner already owned in the neighborhood so Quarry Commons was a good fit and a seamless addition to their portfolio.”
Built in 1996 and 2003, Quarry Commons features amenities such as a BBQ/picnic area, controlled access, and attached garages. The multi-family community is located on St. Cloud’s west side, just an hour from downtown Minneapolis. At the time of the sale, it was 94.1% leased.
