Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Hillcrest Apartments, a 23-unit apartment property in Le Sueur, Minnesota.
“This transaction presented a great opportunity for a 1031 buyer, as the seller was looking to divest their Minnesota holdings,” said Chris Collins, first vice president investments. “Le Sueur remains a stable market with strong occupancy and rent growth due to limited new development. Its location along Highway 169 provides convenient access to Mankato and the Twin Cities, making it an attractive investment.”
Collins, Evan Miller, Matt Shide, Zack Olson and Eric Wagner, investment specialists in Marcus & Millichap’s Minneapolis office, exclusively represented the seller and secured the buyer, both Minnesota-based limited liability companies.
Hillcrest Apartments is situated on 1.14 acres at 500 Boright Street. The property features one- and two-bedroom units across 15,842 rentable square feet. Built in 1969, several units have been updated with new countertops and laminate wood flooring. Additional improvements include a new dual boiler, and 12-car garage.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 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 our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
