Press Releases
Marcus & Millichap Facilitates $2.6M Sale of 24-Unit Apartment Property in Minnesota
January 30, 2025
ANOKA, Minn., Jan. 30, 2025 – 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 Fairoak Avenue Apartments, a 24-unit apartment property located in Anoka, Minnesota. The property sold for $2.6 million, or $108,333 per unit.
“In an effort to facilitate a 1031 exchange for the seller, we procured eight offers and transacted the property within a tight timeline above list price,” said Michael Jacobs, senior associate. “Buyers continue to be attracted to quality suburban assets.”
Jacobs and Abe Roberts, investment specialists in Marcus & Millichap’s Minneapolis office, had the exclusive listing to market the property on behalf of the seller, Speakman Properties, and procured the buyer, a local investor.
Located at 2540 Fairoak Ave., the property offers a mix of one-, two- and three-bedroom units across 23,475 rentable square feet. Built in 1980, the asset occupies 1.4 acres and is 30 minutes from downtown Minneapolis.
“In an effort to facilitate a 1031 exchange for the seller, we procured eight offers and transacted the property within a tight timeline above list price,” said Michael Jacobs, senior associate. “Buyers continue to be attracted to quality suburban assets.”
Jacobs and Abe Roberts, investment specialists in Marcus & Millichap’s Minneapolis office, had the exclusive listing to market the property on behalf of the seller, Speakman Properties, and procured the buyer, a local investor.
Located at 2540 Fairoak Ave., the property offers a mix of one-, two- and three-bedroom units across 23,475 rentable square feet. Built in 1980, the asset occupies 1.4 acres and is 30 minutes from downtown Minneapolis.
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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, 2024, the company had 1,712 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 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
