Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of 3637 Bellaire Avenue, an 18-unit multifamily property in White Bear Lake, Minnesota, for $2,455,000.
“The White Bear Lake area continues to be a highly desirable submarket with strong economic fundamentals,” said Evan Miller, senior director investments. “The scarcity of similar multifamily assets in the area contributed to significant interest and a competitive
price per door.”
Miller and Chris Collins, investment specialists in Marcus & Millichap’s Minneapolis office, had the exclusive listing to market the property on behalf of the seller, Bellaire Apartments, LLC.
Built in 1968, the property consists of 18 two-bedroom, one-bath units averaging 900 square feet. The 16,200-square-foot building has been self-managed and well-maintained by the same ownership for 14 years.
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.
