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Tax Credit Multifamily Complex Trades in Minneapolis Suburbs
Marcus & Millichap arranged the sale of Lakeview Commons, a four-building, 64-unit multifamily tax credit asset in Plymouth, MN, a northwest suburb of Minneapolis. The property traded for $11.3 million, or $176,562 per unit. The complex is in the final two years of extended-use compliance under the Section 42 Low Income Housing Tax Credit program.
“Lakeview Commons’ superb location and operational upside potential place it in a position to provide the buyer with an exceptional investment opportunity,” said Scott Harris, senior managing director investments in Marcus & Millichap’s Chicago Oak Brook office.
Harris and Abe Roberts in Marcus & Millichap’s Minneapolis office represented the seller, Heartland Properties Inc. and procured the buyer, Glencrest Group, a California-based apartment owner that has recently entered the Midwest market.
Built in 1995, Lakeview Commons consists of 16 two-bedroom/one-bath, 1,040-square-foot units and 48 three-bedroom/two-bath, 1,320 to 1,350-square-foot apartments.
- ◦Sale/Acquisition
