Marcus & Millichap, a leading commercial real estate investment firm, recently closed the sale of Highland Park in Fridley, Minnesota. The 77-unit apartment property was sold for $8.5 million at a rate of $110,390 per unit.
Investment specialists Roberts and Michael Jacobs from Marcus & Millichap’s Minneapolis office were responsible for marketing the property on behalf of the seller and successfully procured a buyer. According to senior vice president investments Abe Roberts, there was significant interest in this asset due to its high yield and central location.
Highland Park is situated at 610 Osborne Road NE and offers one-, two-, and three-bedroom floor plans across its 77 units. Additionally, nine townhome-style units are included in the mix. Built in 1969 on a spacious 4.51-acre lot with ample green space surrounding it, this property is conveniently located near Mercy Hospital – Unity Campus as well as Medtronic.
This transaction marks another successful deal arranged by Marcus & Millichap without mentioning any specific locations or branches within their company.
