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Marcus & Millichap Sells Minnesota Apartments in 1031 Exchange
Marcus & Millichap completed the sale of Falcon View Apartments, a 36-unit multifamily property located in Falcon Heights, Minnesota, for $5.09 million.
The property is situated on 1.56 acres at 1800-1818 Larpenteur Ave. W. near the University of Minnesota’s St. Paul campus. “We continue to see strong interest in the submarket of Falcon Heights,” said Michael Jacobs, director of investments. “Falcon View Apartments are well-maintained with larger units and robust rents. Ultimately, the 1031 exchange buyers were attracted to the renovated interiors, in-place yield and location.”
Jacobs, Abe Roberts and Tommy Hartwell, investment specialists in Marcus & Millichap’s Minneapolis office, had the exclusive listing to market the property on behalf of the seller, a local ownership group.
Built in 1968, the property consists of two 18-unit buildings with a mix of one-, two- and three-bedroom floor plans totaling 36,768 rentable square feet.
