Marcus & Millichap (NYSE: MMI) closed the sale of Lakeview Commons, a four-building, 64-unit multifamily tax credit asset in Plymouth, Minnesota.
The property traded for $11.3 million, or $176,562 a unit. The asset is in the final two years of extended-use compliance under the Section 42 Low Income Housing Tax Credit program.
Scott Harris and Abe Roberts in Marcus & Millichap’s Minneapolis office represented the seller, Heartland Properties Inc., and procured the buyer, Glencrest Group, a California-based apartment owner that has recently entered the Midwest market.
Located 12 miles northwest of Minneapolis, the property is easily accessible from Interstate 494 and Highway 55. Plymouth’s city center is four miles away on Interstate 394. The 26-acre Parkers Lake Park and Parkers Lake Community Playfield are directly adjacent to the property. Plymouth’s commercial-industrial base of approximately 60,000 jobs makes it Minnesota’s fourth-largest economy.
Built in 1995, Lakeview Commons consists of 16 two-bedroom/one-bath, 1,040-square-foot units and 48 three-bedroom/two-bath, 1,320 to 1,350-square-foot apartments. All units include in-unit washers and dryers, dishwashers, surface parking, heated underground parking and an on-site leasing office and maintenance staff.
