Marcus & Millichap has sold Calhoun Apartments, a 48-unit apartment property located in Cambridge, Minn. The property sold for $2.505 million.
Mox Gunderson and Dan Linnell, 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, a limited liability company, was secured and represented by Evan Miller, Gunderson and Linnell of Marcus & Millichap’s Minneapolis office.
Calhoun Apartments is located at 414 Calhoun Place N and 514 Calhoun Terrace in Cambridge. The 48-unit community consisted of two 24-unit buildings made up of 26 one-bedroom apartments and 22 two-bedroom apartments.
The Calhoun Apartments was developed in 1978 as part of the USDA Rural Housing 515 Program. In 2009, the property had successfully exited the program and began renting at market rate.