CBRE Arranges Sale of 67-Unit Granite Shores in Elk River

CBRE has arranged the sale of Granite Shores, a 67-unit multifamily property in Elk River, Minnesota. Gary E. Hegenes purchased the property from Granite Shores, LLC for $12.6 million.

CBRE’s Keith Collins, Ted Abramson, Abe Appert and Drew Rafshol represented the seller in the transaction.

"The property drew strong local investor interest due to product quality, large floor plans and its ideal location in the high-growth submarket of downtown Elk River”, said Collins.

Granite Shores is located at 633 Main St. NW, near the U.S. 10 and 169 intersection and overlooking the Mississippi River. The property was originally built as condominium in 2008 and later converted into a rental property in 2011.

Granite Shores features one- and two-bedroom floor plans averaging 996 square feet and an additional 9,803 square feet of ground-floor commercial space. Community and unit amenities include 116 heated underground apartment and retail parking stalls, in-unit washers and dryers, granite countertops, stainless-steel appliances, balconies, a fitness center, a pet washing station and a large community room with an outdoor deck.