{"id":1004125766,"date":"2015-08-20T08:08:52","date_gmt":"2015-08-20T16:08:52","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=358550"},"modified":"2022-12-07T21:30:28","modified_gmt":"2022-12-08T05:30:28","slug":"investors-seek-out-multi-family-gems","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/investors-seek-out-multi-family-gems\/","title":{"rendered":"Investors Seek Out Multi-Family Gems"},"content":{"rendered":"

By Ioana Neamt, Associate Editor<\/em><\/p>\n

\"72-unit<\/a><\/p>\n

72-unit apartment building in Cloquet, Minn.<\/em><\/p>\n<\/div>\n

Investors are showing renewed interest in Greater Minnesota\u2019s hidden multifamily gems. Marcus & Millichap<\/a>\u2019s Minneapolis office recently arranged the sale of two apartment communities totaling 108 units in Cloquet and Bemidji for close to $5 million.<\/p>\n

Marcus & Millichap investment specialists Cole Harstad, Mox Gunderson and Dan Linnell had the exclusive listing.<\/p>\n

\u201cThroughout the past two years, we have seen capital migration from the East and West Coasts flooding the Twin Cities market and pushing down yield,\u201d said Harstad in a statement. \u201cThis has caused private capital to pursue assets in these secondary and tertiary markets.\u201d<\/p>\n

\"Bristlecone<\/a><\/p>\n

Bristlecone Manor, Bemidji, Minn.<\/em><\/p>\n<\/div>\n

The properties were built in the 1960s and 1970s and have historically high occupancy. The 72-unit community in Cloquet attracted seven offers and sold for more than $3.2 million to a Twin Cities investor. The price equates to $44,513 per unit.<\/p>\n

Bristlecone Manor, a 36-unit apartment community in Bemidji, sold for more than $1.3 million. The community is located at 2510 Irvine Ave. NW.<\/p>\n

Images courtesy of Marcus & Millichap<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Investors are showing renewed interest in Greater Minnesota’s hidden multifamily gems.<\/p>\n","protected":false},"author":192,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36076],"tags":[],"class_list":["post-1004125766","post","type-post","status-publish","format-standard","hentry","category-minneapolis-st-paul"],"acf":[],"yoast_head":"\nInvestors Seek Out Multi-Family Gems - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/investors-seek-out-multi-family-gems\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Investors Seek Out Multi-Family Gems\" \/>\n<meta property=\"og:description\" content=\"Investors are showing renewed interest in Greater Minnesota’s hidden multifamily gems.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/investors-seek-out-multi-family-gems\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-08-20T16:08:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T05:30:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/08\/Cloquet.jpg\" \/>\n<meta name=\"author\" content=\"Ioana Neamt\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/investors-seek-out-multi-family-gems\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/investors-seek-out-multi-family-gems\\\/\"},\"author\":{\"name\":\"Ioana Neamt\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/993af2799cdaf5162633d320cf63ff16\"},\"headline\":\"Investors Seek Out Multi-Family Gems\",\"datePublished\":\"2015-08-20T16:08:52+00:00\",\"dateModified\":\"2022-12-08T05:30:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/investors-seek-out-multi-family-gems\\\/\"},\"wordCount\":182,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/investors-seek-out-multi-family-gems\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/08\\\/Cloquet.jpg\",\"articleSection\":[\"Minneapolis-St Paul\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/investors-seek-out-multi-family-gems\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/investors-seek-out-multi-family-gems\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/investors-seek-out-multi-family-gems\\\/\",\"name\":\"Investors Seek Out Multi-Family Gems - 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