Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Via Sol, a five-story, 217-unit multifamily asset in St. Louis Park, Minnesota.
“The listing drew interest from investors across the country, and we generated 16 offers,” said Abe Roberts, senior vice president investments, Marcus & Millichap. “As local multifamily fundamentals and financing challenges stabilize, we’ll see more institutional-grade investment capital coming to Minneapolis-St. Paul in search of well-located, new construction assets like Via Sol.”
Roberts, head of the Roberts Group of Marcus & Millichap in Minneapolis, along with IPA’s Will Balthrope and Drew Garza represented the seller, Place E-Generation One LLC. Roberts, Balthrope and Garza also procured the buyer, Bigos-Via Sol LLC. Bigos was represented by Will Tansey of the Felhaber Larson law firm.
“We are pleased to report the conclusion of a successful process that resulted in the sale of Via Sol,” said Ray Wallander of Maxwell Bay Advisors, the court-appointed receiver to the project, represented by Jeff Jones of the Fabyanske, Westra, Hart and Thomson law firm.
Completed in 2022, the property was built with sustainable and efficient infrastructure. Community amenities include an urban art forest, rooftop terrace, fitness center, and underground parking. Apartments have stainless-steel appliances, dishwashers, and walk-in closets. Select units have balconies, washers, and dryers. The average apartment size is 677 square feet.
“Bigos Management, which owns and manages more than 10,000 apartments across the Twin Cities, is excited to have acquired this newly built property in a great location and community,” said Adam Neuman of Bigos Management. “Bigos has a long history in St. Louis Park and we look forward to making improvements by adding needed parking, a pool, lounge area, and top-of-the-line amenity package. We will rebrand the community as ‘Zelia on Seven.’”
“IPA provides investors with high-quality multifamily investment opportunities in markets throughout the United States and Canada,” said Balthrope. Jon Ruzicka is Marcus & Millichap’s broker of record in Minnesota.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2022, the company had 1,904 investment sales and financing professionals in 81 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion.
