Michel Commercial brokered the sale of the Avenue Apartments in Brooklyn Center, Minnesota.
This transaction was the result of a strong collaboration between the seller and buyer teams. The Avenue Apartments, a well- maintained property with recent renovations and a stable resident base, was the final asset sold from the seller’s very first investment fund.
The property was fully marketed, receiving multiple offers, which increased during the ‘Best and Final’ round with the top three bidders.
For the buyer, this acquisition adds to their portfolio and enhances operational efficiencies with additional centrally located units. It also marks their first syndicated purchase, completed by raising equity.
Heidi Addo, Pete Michel, Phil Reesnes and Jesse Thurston of Michel Commercial Real Estate facilitated the sale.
