Investment Property Group acquired the 223-unit Parkview Apartments in Minneapolis, MN from Altman Investment Partners for $13.15 million, or about $59,000 per unit.
The multifamily building was constructed in 1971 on approximately 5.5 acres at 1201 12th Avenue N. in Hennepin County. The property was about 98 percent occupied at the time of the sale.
Paul Davis, Andy Daitch, and Steve Miscavish of Marcus & Millichap represented the seller. The buyer did not use third-party broker representation.
Please see CoStar COMPS #2222532 for more information on this transaction.