Press Releases
Marcus & Millichap Arranges Sale of 34-Unit Multifamily Property in Minneapolis for $3.15M
November 06, 2026
MINNEAPOLIS, Nov. 6, 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 Pleasant View Apartments, a 34-unit multifamily property in Minneapolis. The property sold for $3.15 million, or $92,647 per unit.
“Our team was engaged to identify a replacement property that aligned with the buyer’s long-term investment objectives while meeting the requirements of a 1031 exchange,” said Michael Jacobs, director investments. “Through our market knowledge and relationships, we were able to source and secure an opportunity with significant value-add potential and favorable financing terms. We continue to see strong interest in properties where strategic capital improvements can enhance the resident experience and drive long-term value.”
Jacobs, Abe Roberts and Tommy Hartwell, investment specialists in Marcus & Millichap’s Minneapolis office, procured the buyer, a local family office. The buyer plans to hold the property as a long-term investment and implement capital improvements to enhance its appeal and overall performance.
Pleasant View Apartments is situated on 0.45 acres at 2216 Pleasant Ave. Built in 1968, the property features a mix of studio and one-bedroom units totaling 21,600 rentable square feet, along with 17 garage parking spaces. The property is within walking distance of Washburn Fair Oaks Park and the Minneapolis Institute of Art.
“Our team was engaged to identify a replacement property that aligned with the buyer’s long-term investment objectives while meeting the requirements of a 1031 exchange,” said Michael Jacobs, director investments. “Through our market knowledge and relationships, we were able to source and secure an opportunity with significant value-add potential and favorable financing terms. We continue to see strong interest in properties where strategic capital improvements can enhance the resident experience and drive long-term value.”
Jacobs, Abe Roberts and Tommy Hartwell, investment specialists in Marcus & Millichap’s Minneapolis office, procured the buyer, a local family office. The buyer plans to hold the property as a long-term investment and implement capital improvements to enhance its appeal and overall performance.
Pleasant View Apartments is situated on 0.45 acres at 2216 Pleasant Ave. Built in 1968, the property features a mix of studio and one-bedroom units totaling 21,600 rentable square feet, along with 17 garage parking spaces. The property is within walking distance of Washburn Fair Oaks Park and the Minneapolis Institute of Art.
# # #
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, 2025, the company had 1,808 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 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
