By Charles Wilson - CoStar
February 2, 2018
DLC Residential Sells Apartment Complex for $40.9M
DLC Residential, a Florida-based multifamily developer, sold the 158-unit Millennium West End apartments at 5245 Wayzata Blvd. in Minneapolis, MN for nearly $40.88 million, or approximately $259,000 per unit, to Abacus Capital Group.
The six-story, 238,032-square-foot multifamily building consists of one-, two- and three-bedroom units and includes amenities including an outdoor heated pool, granite countertops, stainless steel appliances and 24-hour fitness center. Built in 2015, Millennium at West End neighbors The Shops at West End, Homewood Suites and The Flats at West End.
"While urban Class A sales have a solid track record, suburban Class A sales have been relatively quiet during the current cycle," explained Ted Bickel, senior vice president at Colliers International | Minneapolis-St. Paul. "Millennium is a great benchmark that will hopefully drive more activity in the Class A space down the road."
Ted Bickel, Jeff Budish and Brady DeVore with Colliers International represented the seller and the buyer in the sale.
Please see CoStar COMPS #4101661 for more information on this transaction.