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Marcus & Millichap Real Estate Investment Services recently arranged the sale of the Garden Lane Apartments, a 24-unit multi-family community in Shakopee, Minn. The sales price of $1.4 million represents $60,521 per unit.

John Karlen, an associate and member of Marcus & Millichap’s National Multi Housing Group in the Minneapolis office, represented both the seller, a private investor from the Twin Cities, and the buyer, a family-owned real estate investment company headquartered in the Twin Cities.

“Garden Lane Apartments was an excellent opportunity for the investor to acquire a well-maintained, fully occupied multi-family community in a growing suburb of Minneapolis,” Karlen said.

Located at 712 Garden Lane, the 22,500-square-foot apartment community sits on a 1.98-acre lot, just minutes from Highway-169 and Interstate-494. This property, built in 1975, features 24 two- and three-bedroom units in six separate two-story walk-up buildings, and is located in one of the fastest growing counties in the nation.

Tags | Marcus & Millichap Real Esate Investment Services, Minnesota, multi-family, Shakopee

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