CBRE Arranges Sale of 66-Unit Golden Valley Greenway in Crystal, Minnesota

CBRE has arranged the sale of Golden Valley Greenway, a 66-unit multifamily property in Crystal, Minnesota. FEET Capital, LLC purchased the property from Granite Cliffs, LLC for $7 million.

CBRE’s Keith Collins, Drew Rafshol, Ted Abramson and Abe Appert represented the seller in the transaction. Joel Torborg of CBRE’s Capital Markets’ Debt and Structured Finance team provided the financing for the buyer.

“Despite economic headwinds in commercial real estate throughout 2023, the Minneapolis multifamily market has weathered these challenges far better when compared to larger, more prominent markets,” said Rafshol.

Golden Valley Greenway is located at 2701 Brunswick Ave. N., near the Medicine Lake Road and Douglas Drive intersection and proximate to Bassett Creek Park, an 85-acre park that features volleyball courts, a dog park and winter hockey rinks. The property was built in 1970 and underwent major renovations in 2013 including the installation of upgraded kitchen cabinets, granite countertops, flooring and fixtures, stainless steel appliances and full building system upgrades.

According to CBRE Research, Midwest multifamily markets, including Minneapolis, are markets to watch in 2024. Supply-and-demand dynamics across the Midwest are expected to remain balanced throughout next year. This will support rent growth in 2024, while many markets facing supply pressures will have several quarters of negative rent growth.