Minneapolis apartment portfolio totals $8.677M
In the bustling city of Minneapolis, a longtime private owner has recently sold the last of six small apartment properties in a 103-unit portfolio. The total value of the portfolio amounts to an impressive $8.677 million. The sales were made to four different buyers, with separate transactions taking place for each property. The announcement of these sales was made earlier this month, although the specific prices were not disclosed until the completion of all the transactions.
The properties included in this apartment portfolio generated significant interest from potential buyers. Abe Roberts, the senior vice president for investments, and senior associate Michael Jacobs, both from Marcus & Millichap’s Minneapolis office, listed the properties for the seller, the Alan L. Rubel Revocable Trust. They were also responsible for procuring the buyers. According to Roberts, the buildings were considered legacy assets, constructed by Alan Rubel’s parent in the 1960s. Even in a challenging interest rate environment, buyers exhibited strong interest in these offerings.
Roberts noted that the portfolio and individual buildings saw over 50 tours from interested parties. The high level of interest was a testament to the quality and attractiveness of the properties. Despite the challenges posed by interest rates, buyers recognized the value and potential of these assets.
The portfolio includes several notable properties, each with its own unique features. The Penn Avenue Apartments, located at 7501 Penn Ave. S. in Richfield, consisted of 11 units and were sold for $1.05 million. The buyer for this property is Penn Apartments LLC, an entity related to Kara Frank. The Ridgewood Apartments, situated at 441 Ridgewood Ave. in Minneapolis, contained 37 units and were sold for $2,627,000. The buyer for this property is 441 Ridgewood LLC, an entity related to Aren Dela.
The 621 Apartments, located at 621 Fifth Ave. SE in Minneapolis, consisted of 20 units and were sold for $1,900,000. The buyer for this property is 621 5TH AVENUE SOUTHEAST LLC, an entity related to Jim Eischens. The 519 Apartments, situated at 519 10th Ave. SE in Minneapolis, contained 11 units and were sold for $1,100,000. The buyer for this property is 519 10th Ave SE LLC, an entity related to Chad Kraft.
Lastly, the portfolio also included the Prospect Park I and Prospect Park II buildings, situated at 3109 Fourth St. SE and 3111 Fourth St. SE in Minneapolis, respectively. Together, these buildings constituted 23 units and were sold for $2,000,000. The buyer for these properties is 3109-3111 4TH STREET SOUTHEAST LLC, an entity related to Jim Eischens.
The completion of these sales represents a significant milestone for the seller and a new beginning for the buyers as they take ownership of these valuable apartment properties. The Minneapolis real estate market continues to show promise and attract buyers, even in the face of challenging market conditions. As the city thrives and expands, investments in real estate prove to be a wise choice for those looking to capitalize on the growth and potential of Minneapolis.