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Marcus & Millichap Arranges The Sale Of A 75-Unit Apartment Building

October 07, 2021

NEW BRIGHTON, MN, October 7, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Innsbruck Villa Apartments, a 75-unit apartment property located in New Brighton, MN, according to Todd E. Lindblom, regional manager of the firm’s Minneapolis office. The asset sold for $9,870,000.

Evan Miller, Abe Roberts and Chris Collins, investment specialists in Marcus & Millichap’s Minneapolis office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer was secured by Evan Miller, Abe Roberts and Chris Collins. According to Mr. Miller, “this asset, the largest of the five properties offered as a part of this portfolio, received out-of-state and local interest from a wide range of investment types. Another testament to the immense amount of capital that has sights set on entering and growing in the Minneapolis area.”

Innsbruck Villa Apartments is located at 2303 3rd St NW in New Brighton, MN. Built in 1966, Innsbruck Villa Apartments consist of four buildings that feature 1 studio unit, 26 one-bedroom units, and 48 two-bedroom units. Some notable amenities and features include an outdoor pool, garage and off-street parking, spacious unit square footage, and updated balconies with additional closet space. In 2007/2008 there was an extensive exterior and interior renovation that brought the 1960’s era community to a more modern appearance and design.

 

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About Marcus & Millichap (NYSE: MMI)

With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.

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