Marcus & Millichap has completed the sale of Van Dyke Village Townhomes, a 20-unit multifamily property located in Maplewood, Minnesota. The property sold for $2.75 million or $137,500 per unit.
“We received significant interest in Van Dyke Village Townhomes due to its townhome-style construction, the strength of the Maplewood submarket and the long-term opportunity to convert to market-rate housing after the LIHTC restrictions expire,” said Evan Miller, first vice president investments. “The seller, who was also the original developer, chose to divest in order to focus on other assets.”
Miller, Chris Collins, Eric Wagner and Matthew Shide, investment specialists in Marcus & Millichap’s Minneapolis office, had the exclusive listing to market the property on behalf of the seller, Van Dyke Street Homes, Limited Partnership. Miller and Collins procured the buyer, Dadder’s Estates LLC.
Van Dyke Village Townhomes, located at 2191 Van Dyke Street, features two- and three-bedroom units with attached garages. Built in 2004, the 20-unit property is situated on 3.63 acres in Maplewood, a northeastern suburb of St. Paul.
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