CBRE Arranges Sale of 88-Unit Grandview Terrace in Mound, Minnesota

CBRE has arranged the sale of Grandview Terrace, an 88-unit multifamily property in Mound. An entity related to Lion Rock Properties purchased the property from IPG for $9.8 million.

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

“The property received significant interest primarily from local ownership groups and the close proximity to retail in Mound was attractive to investors,” said Abramson. “Most groups that pursued the opportunity had a capital plan for unit renovations and re-positioning and adding amenities to the property.”

Grandview Terrace is located at 5600 Grandview Blvd., minutes from several city parks, beaches, walking trails and lakes including Lake Minnetonka. Built in 1970, the property features a range of one- and two-bedroom floor plans averaging 800 square feet.

Community and unit amenities include a pool, garage parking, courtyard, hardwood floors, air conditioning, large closets and on-site washers and dryers.