Bob Faith Of Greystar Acquires 264-Unit Multifamily Complex In Maple Grove For $53M

The transaction involves the sale of Arbor Glen, a multifamily asset located at 9325 Garland Lane North in Maple Grove, MN. The property consists of 264 units and has a price per unit of $200,758, culminating in a total sale price of $53,000,000. The apartment complex is currently 96% occupied and was last renovated in 2020. The asset, constructed in 2002, is set for a rebranding as Avana Maple Grove.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $53,000,000
• Units: 264
• Price Per Unit: $200,758
• Buyer: Bob Faith - Greystar
• Seller: M.G. Longstreet
• Market: Maple Grove, MN

Bob Faith represents Greystar in this transaction while M.G. Longstreet is the seller. This sale marks a significant event as it is the first transfer of ownership for the property since its construction, highlighting an opportunity for value-add initiatives as the multifamily market dynamics evolve.