CBRE has arranged the sale of Granite Shores, a 67-unit multifamily property in Elk River, Minnesota. Gary E. Hegenes purchased the property from Granite Shores, LLC, for $12.6 million.

CBRE’s Keith Collins, Ted Abramson, Abe Appert and Drew Rafshol represented the seller in the transaction. “The property drew strong local investor interest due to its product quality, large floor plans and ideal location in the high-growth submarket of downtown Elk River,” said Collins.

Granite Shores is located at 633 Main St. NW, near the intersection of U.S. 10 and 169, overlooking the Mississippi River. The property was originally built as a condominium in 2008 and later converted into a rental property in 2011.

Granite Shores features one- and two-bedroom floor plans averaging 996 square feet and an additional 9,803 square feet of ground-floor commercial space. CBRE also recently brokered the sale of Avery Park, a 124-unit build-to-rent (BTR) multifamily project located in nearby Maple Grove.

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