CBRE Multifamily represented ownership in the sale of Oaks Whitney Pines, a 72-unit transit-connected multifamily property in Apple Valley, to Premiere Properties LLC for $8,280,000.
Ted Abramson, Robert Lockman and Ike Hoffman in CBRE’s Minneapolis office represented the seller, Oaks Properties. The buyer, Premiere Properties, is a family-owned apartment management company based in Edina. The sale closed Aug. 30.
“This transaction was a win on both sides,” said Mr. Abramson “With both the buyer and seller being clients I have known and worked with for over a decade, it’s always fun to help them execute on a strategy.”
Oaks Whitney Pines is located adjacent to the Apple Valley Transit Station and Red Line bus rapid transit on Cedar Avenue/Highway 77 in Apple Valley. Prior to the sale, the seller completed substantial capital improvement projects at the building, originally built in 1985. The property offers a mix of one- and two-bedroom units with an average 847 square feet. The building was 100 percent occupied at the time of sale.
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