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120-Unit Apartments in Minnesota Sell for $12M
Marcus & Millichap closed the sale of The Groves Apartments, a 120-unit apartment complex in Brooklyn Park, Minnesota. The property sold for $12 million, or $100,000 per unit.
Olson, Chris Collins, Evan Miller, Eric Wagner and Matt Shide, investment specialists in Marcus & Millichap’s Minneapolis and Milwaukee offices, had the exclusive listing to market the property on behalf of the seller, The Groves Apartments LLC, and procured the buyer, an out-of-state investment group. Jon Ruzicka, Broker of Record in Minnesota, assisted in closing the transaction.
“The sellers of The Groves were a family operation that maintained ownership for over 30 years,” said Zach Olson, associate. “They were looking to divest from the multifamily market and entrusted our team to handle the task. We sourced an out-of-state group that was motivated to enter the Minnesota market and was in a 1031 exchange.”
The Groves Apartments are located at 6902 63rd Avenue N. across 5.98 acres. Built in 1967, the apartments feature 60 800-square-feet one-bedroom units and 60 1,000-square-feet two-bedroom units.
