Colliers Minneapolis-St. Paul’s Capital Markets team of Dan Linnell, Adam Haydon, Mox Gunderson, and Devon Dvorak recently represented Timberland Properties in the sale of Quarry Commons Apartments, a two-building, 102-unit low-rise/garden multifamily property at 1965 Quarry Road in St. Cloud, Minnesota, to Washington-based Weidner Investment Services, Inc. for $10.75 million.
Built in 1996 and 2003, Quarry Commons features amenities such as a BBQ/picnic area, controlled access, on-site management and maintenance, in-unit washer/dryer, package room, and attached garages.
The multi-family community is located on St. Cloud’s west side just an hour from downtown Minneapolis and offers residents convenient access to the city’s thriving retail district which is home to a variety of dining, shopping, and entertainment options. St. Cloud’s focus on healthcare, education, and government contributes to a strong and well-compensated labor pool and has also positioned Quarry Commons as a desirable place to live for those employees. It was 94.1% leased at the time of the sale.
This is the fourth transaction the team from Colliers has closed in the last 30 days in Minnesota. Most recently, the foursome arranged the sale of The Oak Grove Portfolio, a 424-unit multifamily portfolio in the Loring Park neighborhood in downtown Minneapolis, for $32,465,000.
