Everest Holdings LLC Acquires Minneapolis Multifamily Portfolio For $2.2M

Two distressed apartment buildings in Minneapolis, totaling 33 units, were sold for about $2.2 million in cash. The properties located at 3753 Girard Avenue North and 1315 Dowling Avenue North were purchased by Everest Holdings LLC. The sale was facilitated by Sam Steadman of RE/MAX Results, acting as the broker for the transaction. The properties were acquired significantly below the market average per unit, with a price of approximately $66,212 per unit. The properties were noted to have a high vacancy rate, which may have contributed to the lower sale price.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $2,185,000
• Date: 08/04/2023
• Address: 3753 Girard Avenue North & 1315 Dowling Avenue North
• Market: Minneapolis
• Buyer: Everest Holdings LLC
• Seller: CCW MN Holdings LLC, ABM MN Holdings & AMAX Investments LLC
• Broker: Sam Steadman - RE/MAX Results
• Units: 33
• Price per Unit (PPU): $66,212

The acquisition of the properties by Everest Holdings LLC further expands their portfolio in the multifamily sector. The involvement of Sam Steadman of RE/MAX Results as the broker demonstrates his expertise in facilitating transactions of distressed properties. The cash offer made by Everest Holdings LLC may have been a contributing factor in the successful acquisition, given the properties' high vacancy rate. This transaction highlights the potential opportunities for investors to acquire distressed properties at prices below the market average in Minneapolis.