Just Sold: Small apartment sales still trickle in | Finance & Commerce

Editor’s note: “Just Sold” is a Finance & Commerce feature based on the newest certificates of real estate value filed with the Minnesota Department of Revenue for commercial sales throughout Minnesota and reports of sales across the country involving local parties. Research includes company and broker documents, online real estate listings, F&C archives, Catalyst and other research.

While dramatic cash portfolio acquisitions and 1031 exchange investments have slowed this year, local apartment buyers and sellers continue to piece together financing for small sales.

For example, the Minneapolis office Marcus & Millichap has announced the $1.2 million sale of the Tatum Street Apartments, an 11-unit multifamily community in Falcon Heights.

Michael Jacobs, senior associate, and Abe Roberts, senior vice president, represented the seller and procured the buyer.

“Despite the current debt market, we received a considerable amount of interest in this building because of its location, recent improvements and contract-for-deed option,” Jacobs said. “The seller plans to retire, and the buyer is a local owner.”

Completed in 1965 on a 0.41-acre lot at 1707 Tatum St., the low-rise building has eight one-bedroom and three two-bedroom units. It is within walking distance of the University of Minnesota’s St. Paul campus.

The sale price works out to $109,091 per unit. The average sales price per unit for apartments in the Twin Cities metro area is $153,018, according to the Finance & Commerce Apartment Sales Tracker at finance-commerce.com. The tracker has recorded the sale of 83,135 apartment units since Aug. 31, 2011.

Place: 1707 Tatum St., Falcon Heights

Price: $1.2 million; $109,091 per unit

Date: 11-2-23

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1960s apartments draw $4.59 million

Minneapolis-based Mint Properties has sold a pair of midcentury Minneapolis apartment buildings totaling 36 one-bedroom units to a local buyer for $4.59 million.

The sale comes as Mint owners Jim and Laura Rubin continue to cash out two decades of real estate investments to move to on to new adventures.

The buildings were completed in 1967 at 2738-2750 Pillsbury Ave. The Rubins bought them in 2002 for $580,000.

The Rubins built a portfolio that totaled 1,536 apartments in 75 buildings in the city before they started selling properties earlier this year. In October, Minneapolis-based Invictus Capital paid $10.48 million for 88 units in seven buildings.

Place: 2738-2750 Pillsbury Ave., Minneapolis

Price: $4.59 million; $1.4 million down payment; new mortgage; $127,500 per unit

Buyer: 2750 Pillsbury Avenue LLC, Minneapolis

Seller: 2738 and 2750 Pillsbury LLC, Minneapolis

Date: 11-8-23

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RELATED: Just Sold: Invictus buys 7-building rental portfolio