Grove Estates Acquires Multifamily Portfolio From Laramar Group In Minneapolis For $32.5M

The sale involved a multifamily portfolio comprising two properties located at 215 and 330 Oak Grove Street in Minneapolis, MN. The transaction price was $32,500,000 for a total of 424 units, resulting in a price per unit of $76,651. The properties are newly renovated and have achieved over 80% occupancy.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $32,500,000
• Units: 424
• Price Per Unit: $76,651
• Buyer: Grove Estates
• Seller: Laramar Group
• Brokers: Adam Haydon, Dan Linnell, Devon Dvorak & Mox Gunderson - Colliers

Colliers facilitated the transaction, representing the seller, Laramar Group, throughout the sale process. Grove Estates acted as the buyer of the multifamily portfolio. The brokerage team comprised four representatives who managed the details of the sale.