Colliers Completes Sale of 134-Unit Minnesota Apartments
Colliers announced the sale of Venue Apartments, a 134-unit Class A multifamily community located at 54 West 78th Street in Chanhassen, Minnesota.
The sale was led by the Colliers team of Executive Vice Presidents Mox Gunderson, Dan Linnell, and Adam Haydon, as well as Associate Vice President Devon Dvorak, who represented the seller, Minnesota-based Roers Companies.
“Venue Apartments presented an opportunity to acquire a stabilized, Class A multifamily asset in an affluent and fast-growing market like Chanhassen,” said Gunderson. Highland Management purchased the property through a 1031 exchange. At closing, Venue Apartments had a 95.52% occupancy rate.
Opened in 2019, Venue Apartments is an ALDI-anchored multifamily community offering luxury amenities including a rooftop skydeck and skylounge, a business center, a fitness facility, an indoor club room, a sports simulator, underground heated parking, a coffee bar and automated package delivery.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout