Marcus & Millichap negotiated the sale of Fairoak Avenue Apartments, a 24-unit apartment property located in Anoka, Minnesota. The property sold for $2.6 million, or $108,333 per unit.
Michael Jacobs and Abe Roberts, investment specialists in Marcus & Millichap’s Minneapolis office, had the exclusive listing to market the property on behalf of the seller, Speakman Properties, and procured the buyer, a local investor.
Located at 2540 Fairoak Ave., the property offers a mix of one-, two- and three-bedroom units across 23,475 rentable square feet. Built in 1980, the asset occupies 1.4 acres and is 30 minutes from downtown Minneapolis.
