Press Releases
Marcus & Millichap Brokers $2.75M Sale of 20-Unit Multifamily Property in Maplewood, Minnesota
May 01, 2025
MAPLEWOOD, Minn., May 1, 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 Van Dyke Village Townhomes, a 20-unit multifamily property located in Maplewood, Minnesota. The property sold for $2,750,000, or $137,500 per unit.
“We received significant interest in Van Dyke Village Townhomes due to its townhome-style construction, the strength of the Maplewood submarket and the long-term opportunity to convert to market-rate housing after the LIHTC restrictions expire,” said Evan Miller, first vice president investments. “The seller, who was also the original developer, chose to divest in order to focus on other assets. This sale underscores ongoing demand for well-located suburban properties with strong fundamentals and future repositioning potential.”
Miller, Chris Collins, Eric Wagner and Matthew Shide, investment specialists in Marcus & Millichap’s Minneapolis office, had the exclusive listing to market the property on behalf of the seller, Van Dyke Street Homes, Limited Partnership. Miller and Collins procured the buyer, Dadder’s Estates LLC.
Van Dyke Village Townhomes, located at 2191 Van Dyke Street, features two- and three-bedroom units with attached garages. Built in 2004, the 20-unit property is situated on 3.63 acres in Maplewood, a northeastern suburb of St. Paul. The asset provides access to nearby retail, dining and recreational amenities, including Maplewood Mall and Keller Regional Park.
“We received significant interest in Van Dyke Village Townhomes due to its townhome-style construction, the strength of the Maplewood submarket and the long-term opportunity to convert to market-rate housing after the LIHTC restrictions expire,” said Evan Miller, first vice president investments. “The seller, who was also the original developer, chose to divest in order to focus on other assets. This sale underscores ongoing demand for well-located suburban properties with strong fundamentals and future repositioning potential.”
Miller, Chris Collins, Eric Wagner and Matthew Shide, investment specialists in Marcus & Millichap’s Minneapolis office, had the exclusive listing to market the property on behalf of the seller, Van Dyke Street Homes, Limited Partnership. Miller and Collins procured the buyer, Dadder’s Estates LLC.
Van Dyke Village Townhomes, located at 2191 Van Dyke Street, features two- and three-bedroom units with attached garages. Built in 2004, the 20-unit property is situated on 3.63 acres in Maplewood, a northeastern suburb of St. Paul. The asset provides access to nearby retail, dining and recreational amenities, including Maplewood Mall and Keller Regional Park.
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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.
