Marcus & Millichap arranges the sale of 116-unit apartment building portfolio
The company says the asset sold for more than $10 million.
GRAND FORKS, N.D. A portfolio that includes apartments and town houses are now under new ownership.
Marcus & Millichap , a leading commercial real estate brokerage firm, says it recently sold Desoto Estates and Townhomes and Desoto Apartments, a 116-unit apartment portfolio located in Grand Forks, North Dakota and East Grand Forks, Minnesota.
According to Todd E. Lindblom, regional manager of the firm’s Minneapolis office, the asset sold for $10,117,850.
Chris Collins, David Wallace, Evan Miller and Matthew Shide, 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 also was secured by the same team.
The properties include:
Desoto Estates, located at 3550 S 17th St., Grand Forks, is made up of 68 apartment units and was constructed in 2014.
Desoto Townhomes, 3540 S 18th St., Grand Forks, also constructed in 2014, includes 24 townhome units.
Desoto Apartments, a 24-unit community included in the sale, was built in 1974 and is located at 714 20th Street NW in East Grand Forks.
“During marketing, these properties garnished a lot of attention from local and regional buyers looking to expand their footprint in the Grand Forks market,” Collins said.