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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.

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