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Chicago & Midwest  + Midwest  + Apartments  | 
Lakeview Commons is a four-building apartment complex in Plymouth, Minnesota

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.  


Inside The Story

Marcus & Millichap's Harris

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 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).

  • ◦Sale/Acquisition