Les Chateaux, a 141-unit multifamily community overlooking Lake Superior in Duluth, Minnesota, sold for $19.75 million– equal to more than $140,000 per unit.
Built in 1973, the property is located at 3800 London Road near downtown Duluth and the Canal Park recreation area on the North Shore of Lake Superior. Great care has been taken to retain and restore the property’s competitiveness, according to Scott Harris, senior vice president investments in Marcus & Millichap‘s Chicago Oak Brook office.
Les Chateaux’s common area amenities include heated underground parking, on-site laundry facilities and beautifully landscaped grounds. Apartments feature updated kitchens and select units have private balconies and lake views.
Mox Gunderson, associate vice president investments in Marcus & Millichap’s Minnesota office, along with Dan Linnell, vice president investments, Josh Talberg, senior associate, and associates Chris Collins and Adam Haydon, represented the seller, a private investor and development company based in Minneapolis.
Harris, Linnell, Gunderson, Talberg and Nick Hillard, associate in Chicago Oak Brook, procured the buyer, a private Colorado-based investment group. Craig Patterson, regional manager of the firm’s Minneapolis office, is Marcus & Millichap’s broker of record in Minnesota.
