Marcus & Millichap recently facilitated the sale of The Groves Apartments, a 120-unit apartment complex situated in Brooklyn Park, Minnesota. The property was sold for $12 million, equivalent to $100,000 per unit.
The transaction was handled by investment specialists Olson, Collins, Miller and Wagner from Marcus & Millichap’s Minneapolis and Milwaukee offices. They worked alongside Shide to exclusively market the property on behalf of the seller – The Groves Apartments LLC. An out-of-state investment group was procured as the buyer with assistance from Jon Ruzicka – Broker of Record in Minnesota.
According to associate Zach Olson: “The previous owners had maintained ownership for over three decades but were now looking to divest from the multifamily market.” He further added that their team successfully sourced an out-of-state group who were eager to enter into Minnesota’s real estate market through a 1031 exchange.
Located at 6902 63rd Avenue N., The Groves Apartments occupy approximately six acres and consist of two-bedroom units spanning across one thousand square feet each as well as one-bedroom units measuring eight hundred square feet each. These apartments were built back in 1967.
In summary:
Marcus & Millichap oversaw the sale of a multi-family property known as The Groves Apartments located in Brooklyn Park, MN for $12 million or $100k per unit. Investment specialists Olson,Collins,Miller,Wagner,and Shide marketed it exclusively on behalf of seller-LLC while Ruzicka assisted with closing.The sellers,a family operation owning it for over thirty years,were lookingto exit multifamily sector entrusting our team.We found an out-of-state party motivated about entering MN via exchange.The site spans almost six acres housing sixty-one bedroom(800 sqft)and sixty-two bedroom(1k sqft)units constructed ’67
