David Tysk And Scott Manning Acquire Panther Heights Apartments From Alliance Building Corporation For $12.5M

The transaction involved the sale of the Panther Heights Apartments, a multifamily property consisting of 86 units located at 2905 14th Street East in Glencoe, Minnesota. The asset was sold for $12.5 million, translating to approximately $145,349 per unit. The property was developed in 2019 and was part of a broader estate-planning portfolio strategy when marketed.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $12,500,000
• Units: 86
• Price Per Unit: $145,349
• Buyer: David Tysk & Scott Manning
• Seller: Alliance Building Corporation
• Brokers: Steve Michel, Heidi Addo, Jesse Thurston, Peter Michel, Phil Reesnes & Ukee Dozier - Michel Commercial

The buyers, David Tysk and Scott Manning, were able to secure the asset after multiple competitive offers were presented. Michel Commercial Real Estate played a significant role in representing the seller, Alliance Building Corporation, during the transaction.