Colliers completed the sale of Anderson Plaza Apartments, a 100-unit multifamily community located at 1800 NE Garfield Street in Minneapolis.
Developed in 1963 and family-owned since its inception, this transaction marks the first time the asset has changed ownership. The sale was led by the Colliers team of Executive Vice Presidents Mox Gunderson, Dan Linnell, and Adam Haydon, as well as Associate Vice President Devon Dvorak and Associate Drew Jackson, who represented the seller. “The property presented a compelling value-add opportunity, supported by strong rent premiums achieved by recently renovated assets in the area,” commented Dvorak.
The community was acquired by Quarry Apartments LLC. At closing, the asset was approximately 86% occupied. Originally constructed on a former quarry site, Anderson Plaza has long served as a cornerstone of workforce housing in Northeast Minneapolis. The asset is comprised of 100 units, featuring a unit mix of 46 one-bedroom and 54 two-bedroom units.
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