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Phoenix, Lincoln Pay $26M for 183-Unit Dorm

MINNEAPOLIS-The purchase of Grand Marc Minneapolis, a four-story 183-unit multifamily property with 370 beds of student housing, represents one of the highest price per beds sold to date.

By Jim McCartney | Updated on July 02, 2004

MINNEAPOLIS-Joint-venture partners Phoenix Property Co. and Lincoln Property Co. recently paid $25.7 million for Grand Marc Minneapolis, a four-story 183-unit, 370 beds student housing building at 1849 Washington Ave. South. The student housing property, which was built in 2000, is located in the city adjacent to the University of Minnesota undergraduate and graduate campus.

The building is situated on 1.8 acres and features ground-floor retail stores and a heated underground parking structure. At nearly $70,000 per bed, the deal represents one of the highest prices paid per bed in the US, says Herb Chase, managing director of Colliers Seeley International’s West Los Angeles office. The seller was AIG Global Real Estate.

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