Press Releases
Marcus & Millichap Arranges $2.6M Sale of 23-Unit Multifamily Property in Minneapolis
January 27, 2026
MINNEAPOLIS, Jan. 26, 2026 – 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 Santiago Apartments, a 23-unit multifamily property in Minneapolis, Minnesota, for $2.6 million.
“The property’s exceptional condition and long-term ownership made it a standout opportunity in a supply-constrained market,” said Abe Roberts, managing director investments. “The buyer was drawn to the well-maintained nature of the asset and plans to preserve its historic character as part of a long-term hold strategy. We remain bullish on the Minneapolis multifamily market, where limited new supply is continuing to drive strong rental demand.”
Roberts and Michael Jacobs, investment specialists in Marcus & Millichap’s Minneapolis office, had the exclusive listing to market the property on behalf of the seller, MBR Investments, and procured the buyer, an entity related to Irving properties.
Santiago Apartments is located on a 0.5-acre lot at 516 University Ave. SE in the St. Anthony Main/Marcy-Holmes neighborhood, near the Minneapolis riverfront and the University of Minnesota. Built in 1923, the property includes a mix of studio, one- and two-bedroom floor plans across 11,394 rentable square feet.
“The property’s exceptional condition and long-term ownership made it a standout opportunity in a supply-constrained market,” said Abe Roberts, managing director investments. “The buyer was drawn to the well-maintained nature of the asset and plans to preserve its historic character as part of a long-term hold strategy. We remain bullish on the Minneapolis multifamily market, where limited new supply is continuing to drive strong rental demand.”
Roberts and Michael Jacobs, investment specialists in Marcus & Millichap’s Minneapolis office, had the exclusive listing to market the property on behalf of the seller, MBR Investments, and procured the buyer, an entity related to Irving properties.
Santiago Apartments is located on a 0.5-acre lot at 516 University Ave. SE in the St. Anthony Main/Marcy-Holmes neighborhood, near the Minneapolis riverfront and the University of Minnesota. Built in 1923, the property includes a mix of studio, one- and two-bedroom floor plans across 11,394 rentable square feet.
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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.
