Press Releases
Marcus & Millichap Arranges $4.2M Sale of 72-Unit Apartment Property in Minnesota
November 06, 2024
AUSTIN, Minn., Nov. 6, 2024 – 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 Mandolin Place, a 72-unit apartment property located in Austin, Minnesota. The property sold for $4.2 million, or $58,333 per unit.
“The sale was made due to the owner looking to downsize their Minnesota portfolio,” said Chris Collins, first vice president investments. “The buyer was looking to expand their footprint outside of their current portfolio. They will make some in-unit and property upgrades while stabilizing the remaining vacant units.”
Collins, Evan Miller, Eric Wagner, Zack Olson and Matt Shide, investment specialists in Marcus & Millichap’s Minneapolis and Milwaukee offices, marketed the property on behalf of the seller and procured the buyer, both Minnesota LLCs.
Located at 203 31st St. SW, Mandolin Place features a mix of one-, two- and three-bedroom units across 64,481 square feet. Built in 1994, the property sits on 3.54 acres just off Interstate 90.
“The sale was made due to the owner looking to downsize their Minnesota portfolio,” said Chris Collins, first vice president investments. “The buyer was looking to expand their footprint outside of their current portfolio. They will make some in-unit and property upgrades while stabilizing the remaining vacant units.”
Collins, Evan Miller, Eric Wagner, Zack Olson and Matt Shide, investment specialists in Marcus & Millichap’s Minneapolis and Milwaukee offices, marketed the property on behalf of the seller and procured the buyer, both Minnesota LLCs.
Located at 203 31st St. SW, Mandolin Place features a mix of one-, two- and three-bedroom units across 64,481 square feet. Built in 1994, the property sits on 3.54 acres just off Interstate 90.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
