Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ST. CLOUD, MN-Brookside Apartments LLC has purchased the 175-unit Park Place Estates apartments for $11.6 million here. The 17-year-old property was part of a 1031 exchange with another property in the area, the 105-unit Brookwood Estates, which was sold by Brookside to another LLC for $4.6 million. “They had a property to sell before they could buy Park Place, so we were able to do the two transactions in parallel,” says Jim Walsh, an apartment specialist with Marcus & Millichap Real Estate Investment Brokerage Co.

He says Park Place is a B+ quality property. “It would be considered a class A property if it was a little bit newer,” Walsh says. “It’s still a very fine property, the unit mix is large and they are very well maintained. The owners were able to trade up.” The complex is 92% leased, he says.

The units range from one-bedroom to three-bedroom floor plans, and rent for between $600 to $900 a month. Amenities include washers and dryers, an average 1,000-square-foot living space, balconies, indoor swimming pool and sauna, fitness facility, tennis court and clubroom.

Walsh says the market has been somewhat overbuilt, with newer properties crowding the outskirts of this northwest Minneapolis suburb. The city includes St. Cloud University, as well as an active medical corridor. “The city is also visually and physically well laid out, and is very clean,” he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.