54-Unit Multi-Family Complex Just Sold in Fridley, Minnesota

Minneapolis, Minnesota, October 20, 2021 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of a two-building multifamily portfolio located in Fridley, Minnesota. With a total of 54 units, Med Park on 7th and PineCrest Apartments closed on October 20th for a total of $6,750,000, according to Todd E. Lindblom, Regional Manager of the firm's Minneapolis and Milwaukee based offices.

Abe Roberts, Evan Miller and Chris Collins, First Vice President of Investments out of Marcus & Millichap's Minneapolis office had the exclusive listing to market the property on behalf of the seller. Roberts, Miller and Collins procured the buyer as well. Roberts states, "Med Park on 7th and PineCrest Apartments were part of a five building, 162-unit portfolio sale we had on market this year. These two buildings were the last of the five-building portfolio to close. Given the high demand for suburban multifamily, we had 23 tours across the portfolio and ten offers. This demand is a testament to how resilient the multifamily market has remained throughout the pandemic." This closing marks the 30th sale for Roberts, Collins, Miller and the rest of the multi-family team within Marcus & Millichap's Minneapolis office sold thus far in 2021.

Constructed in 1964, Med Park on 7th contains both one and two-bedroom apartment units. With 22-units total, the property offers a mix of two one-bedroom/one-bathroom and 20 two-bedroom/one-bathroom floor plans that average 600 square feet and 800 square feet, respectively. Since purchasing the property in 2019, current ownership has remodeled all common areas, including hallways and laundry rooms with new lighting and flooring. In mid-2000 there had been a significant injection of capital which went into the replacement of the roof, windows, boiler, and electrical. Additionally, about half of the units have undergone complete renovations. Med Park on 7th is located at 5612 and 5640 7th Street NE, Fridley, Minnesota, 55432.

PineCrest, originally built in 1973, a 32-unit property, features 16 one-bedroom/one-bathroom, 13 two-bedroom/one-bathroom, and 3 three-bedroom/one-bathroom apartment types. Across all unit types the average square footage ranges from 725 to 1,800 square feet. Within the last five years, ownership has replaced all hall lighting with LED, new flooring, and repainted common areas. The buildings' exterior has also been power washed, and decks freshly painted in 2017. Electrical has been updated and the roof was replaced around 2011. PineCrest is located at 5451 5th Street NE, Fridley, Minnesota, 55432.

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About Marcus & Millichap (NYSE: MMI)

With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry's most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.

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