Scott Houle Of Great States Development Acquires 120-Unit Multifamily Property In Minneapolis For $37M

The property asset involved in the transaction is a multifamily building located at 607 North Washington Avenue, Minneapolis, MN. The building, known as The Copham, comprises 120 units and was sold for a total price of $37,000,000, which equates to a price per unit of $308,333. Originally constructed in 1910 as a plow manufacturing facility, it has since been converted into apartments and is part of a market that supports long-term investment strategies.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $37,000,000
• Units: 120
• Price Per Unit: $308,333
• Buyer: Scott Houle - Great States Development
• Seller: Greco Properties

Scott Houle represents Great States Development in the acquisition of The Copham from a seller group that includes Greco Properties and JMB North Loop Property Trust LLC. The buyer plans to implement future enhancements as part of their investment strategy for the historic North Loop property.