Multifamily W Minnesota

CBRE sells 192-unit apartment community in Minnesota

CBRE Multifamily closed the sale of Granite Woods, a 192-unit apartment community in Plymouth, Minnesota.

The Minneapolis-based team of Keith Collins, Abe Appert, Ted Abramson and Ike Hoffman arranged the $24.5 million sale on behalf of its owner, Arlington Arms LLC, an entity related to the St. Louis Park-based Main Street Companies, Inc.

The buyer is Granite Woods – Minneapolis LLC, an entity controlled by Curtis Capital Group in Bellevue, Washington. The sale, which closed Dec. 19, works out to $127,343 per unit.

The property is located at 3925 Lancaster Lane North in Plymouth near the Highway-169 and Rockford Road intersection.

Granite Woods, built in 1972, is made up of 192 apartment units with an average unit size of 974 square feet. The community features a clubhouse with a community room, game room, fitness center and indoor pool and underground parking. The outdoor amenities include a pool, dog park, tennis court and walking trails.