Marcus & Millichap Brokers $59M Sale of Minneapolis MF
Marcus & Millichap has brokered the sale of The Liberty, a 242-unit multifamily property in Golden Valley, Minnesota. The asset traded for $59.5 million.
“The Liberty is a 96%-occupied luxury apartment and townhome asset poised for continued growth as multifamily supply tapers and demand for well-located suburban properties increases in the Minneapolis-St. Paul area,” said Abe Roberts, senior vice president investments in Marcus & Millichap’s Minneapolis office.
Roberts represented the seller, an entity related to the Schachtman family, and procured the buyer, The Goodman Group, based in Chaska, Minnesota. The buyer, a national real estate investment firm, plans to implement value-add strategies to enhance the property’s appeal and performance.
Completed in 2017, The Liberty has 55 townhomes and 187 apartments that range from 568 square feet to 1,536 square feet. The property, comprising several hundred units, offers a mix of one-, two-, and three-bedroom apartments with modern amenities, appealing to a diverse tenant base.
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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