Colliers Minneapolis-St. Paul’s Capital Markets team of Devon Dvorak, Mox Gunderson, Dan Linnell and Adam Haydon brokered the sale of two multifamily properties, Meadowview and Valley Place Apartments, at 650 E. Garfield St. in Anoka, Minnesota, and 7201 36th Ave. N. in Crystal, Minnesota, on behalf of Bader Management Inc. (Bader) to Los Angeles-based Coast View Strategies for $15.925 million.
Meadowview and Valley Place are comprised of 60 and 71 units, respectively, with a variety of one-, two-, and three-bedroom apartments that feature air conditioning, balconies, dishwashers, and brick accents. Since 2015, ownership has invested more than $2 million renovating most of the 131 units, replacing some roofs, and replacing all windows, sliding doors, and parking lots at both properties. At the time of sale, they were 98% and 97% occupied.
“These apartment buildings have been meticulously maintained, which is the standard for a Bader community,” said Dvorak, an associate vice president. “It was a terrific opportunity for the buyer to expand their Minnesota portfolio with two very well-kept properties with excellent, long-term tenants.”
Meadowview and Valley Place are strategically located in the northwest submarket of the Twin Cities, also known as “Medical Alley,” because it is home to Target, Medtronic, Takeda, Olympus, Nilfisk, and Amazon. These companies continue to drive demand for housing in the area which is also near Minnesota’s scenic Lake Country.
This is the fifth transaction the team from Colliers has closed in the last 45 days in Minnesota. Most recently, the foursome arranged the sale of Quarry Commons, a two-building, 102-unit multifamily portfolio in St. Cloud, MN.
