CBRE has arranged the sale of a four-property multifamily portfolio in Minneapolis to two separate buyers in separate transactions. Grannes Properties, LLC sold a 14-unit property to Webdigs LLC. Millennial Properties, LLC purchased the remaining three properties totaling 29 units.
Sale prices were not disclosed for either sale.
Drew Rafshol from CBRE Minneapolis Multifamily represented the seller, Grannes Properties, LLC, in both transactions.
The portfolio is comprised of 1960s-era buildings with value-add opportunities. Webdigs, LLC, purchased a 14-unit property at 3710 Minnehaha Ave. Millennial Properties, LLC purchased a 12-unit property at 315 University Avenue SE, a six-unit building at 3505 22nd Ave. and an 11-unit property at 420 73rd St.
At the time of sale, the portfolio was fully occupied.
