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Marcus & Millichap Arranges $8.5M Sale of Minnesota MF
Marcus & Millichap completed the sale of Highland Park, a 77-unit apartment property located in Fridley, Minnesota. The property sold for $8.5 million, or $110,390 per unit.
Roberts and Michael Jacobs, investment specialists in Marcus & Millichap’s Minneapolis office, had the exclusive listing to market the property on behalf of the seller, and procured the buyer. “We saw a high level of interest for this asset,” said Abe Roberts, senior vice president investments. “This was primarily due to the property’s high in-place yield and central location.”
Highland Park, located at 610 Osborne Road NE, features 77 units with a mix of one-, two- and three-bedroom floor plans. In addition to traditional apartment layouts, nine of the units are townhome-style. Built in 1969, the asset is 4.51 acres with an expansive greenspace surrounding the property. The apartments are in close proximity to Mercy Hospital – Unity Campus and Medtronic.
