M&M Brokers the $4.1M Sale of Phalen Shores Apartment Property

SAINT PAUL, MINN. — Marcus & Millichap has brokered the $4.1 million sale of Phalen Shores, a 53-unit apartment property located in Saint Paul. Phalen Shores is located at 985 East Ivy Ave. The 53-unit building includes 24 one-bedroom units, 29 two-bedroom units and was 97 percent occupied at the time of sale. Dan Linnell, Mox Gunderson and Annie Arneberg of Marcus & Millichap’s Minneapolis office listed the property on behalf of the seller, a partnership. Linnell and Gunderson also represented the buyer, a private investor.