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Marcus & Millichap Completes Sale of St. Paul Apartments
Marcus & Millichap brokered the sale of Birmingham Heights, a 28-unit apartment property located in St. Paul, Minnesota. The property sold for $3,640,000, or $130,000 per unit.
“This is the highest price per unit achieved for a property of this vintage and location in recent years,” said Matt Shide, associate. “It demonstrates both the strong demand for multifamily assets in St. Paul and our team’s ability to maximize value for our clients.”
Shide, Evan Miller, Chris Collins, Eric Wagner, and Zack Olson had the exclusive listing to market the property on behalf of a local St. Paul owner. The building was purchased by an out-of-state exchange buyer looking to build their portfolio of apartments throughout Minnesota. Jon Ruzicka, Broker of Record in Minnesota, assisted in closing the transaction.
Birmingham Heights is located at 1424 Case Avenue E, in the Greater East Side Neighborhood of St. Paul. Built in 1983, the apartment property consists of 28 three-bedroom units across 2.04 acres.
