Marcus & Millichap Inc.
10/04/2022 | Press release | Distributed by Public on 10/04/2022 10:01
Marcus & Millichap Arranges the Sale of a 14-Unit Apartment Building in Minneapolis, Minnesota
Press Releases
Marcus & Millichap Arranges the Sale of a 14-Unit Apartment Building in Minneapolis, Minnesota
October 04, 2022
MINNEAPOLIS, MN, October 4, 2022 - 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 9940-9948 Penn Avenue S, a 14-unit apartment property located in Bloomington, Minnesota, according to Todd E. Lindblom, regional manager of the firm's Minneapolis office. The asset sold for $2,010,000.
Abe 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, a limited liability company. The buyer, a limited liability company, was secured and represented by Abe Roberts and Michael Jacobs. "9940-48 Penn Avenue attracted a considerable amount of interest because of its quality and suburban location, the property was taken off the market quickly," states Jacobs.
9940-9948 Penn Avenue S is in Bloomington, Minnesota's 4th largest city. Built in 1960, the building is near the intersection of W 98th Street and Penn Avenue S in the highly-sought-after submarket of West Bloomington. Situated on two separate parcels that combine for an acre of land, residents enjoy two parking spaces per unit and a community green space with a playground.
Abe 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, a limited liability company. The buyer, a limited liability company, was secured and represented by Abe Roberts and Michael Jacobs. "9940-48 Penn Avenue attracted a considerable amount of interest because of its quality and suburban location, the property was taken off the market quickly," states Jacobs.
9940-9948 Penn Avenue S is in Bloomington, Minnesota's 4th largest city. Built in 1960, the building is near the intersection of W 98th Street and Penn Avenue S in the highly-sought-after submarket of West Bloomington. Situated on two separate parcels that combine for an acre of land, residents enjoy two parking spaces per unit and a community green space with a playground.
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About Marcus & Millichap (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, 2021, the company had 1,994 investment sales and financing professionals in 82 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 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.