Chicago & Midwest + Midwest + Apartments | April 26, 2021

Marcus & Millichap Closes Deal for Twin Cities Apartments

Marcus & Millichap arranged the sale of Sibley Cove, an 81-unit apartment property located in Maplewood, MN, within the Twin Cities metro area. The asset sold for $10,900,000.

Chris Collins, Evan Miller, and Seth I. Barnett, in Marcus & Millichap’s Minneapolis and Detroit 2 office, marketed the property on behalf of the seller, a limited liability company. The buyer, also an LLC, was secured and represented by the listing agents as well. Jon Ruzicka, Minnesota broker of record, assisted in the transaction.

“Sibley Cove received multiple offers from groups across the Upper Midwest, and ultimately went to a local Twin Cities investor,” said Collins. “The seller plans to continue developing and preserving much needed affordable housing in Minnesota.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).