Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Fairoak Avenue Apartments, a 24-unit apartment property located in Anoka, Minnesota.
“In an effort to facilitate a 1031 exchange for the seller, we procured eight offers and transacted the property within a tight timeline above list price,” said Michael Jacobs, senior associate. “Buyers continue to be attracted to quality suburban assets.”
Jacobs and Abe Roberts, investment specialists in Marcus & Millichap’s Minneapolis office, had the exclusive listing to market the property on behalf of the seller, Speakman Properties, and procured the buyer, a local investor.
Located at 2540 Fairoak Avenue, the two-story property offers a mix of one-, two- and three-bedroom units and 1-bathroom across 23,475 rentable square feet. Built in 1980, the asset occupies 1.4 acres and features resident storage units on-site.
Anoka is a city situated along the eastern banks of the Mississippi River roughly 30 minutes north of Minneapolis. A resort-like golf course, tree-lined streets, and an exciting downtown corridor all complement the peaceful residential sections of the city. Head to East Main Street for an array of family-friendly dining and shopping spots. On the edge of downtown, Rum River features parks, trails, and the historic Rum River Dam. More outdoor recreation lies along the Mississippi River.
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.
