Cushman & Wakefield’s multifamily capital markets team of Lance Steiger and Robert Dulin represented Minneapolis-based Oaks Properties, LLC in the $7.5 million sale of California Drive Apartments, a 108-unit complex at 1203 California Ave West, St. Paul, Minn. to Hornig Companies, Inc., a family-owned real estate investment and management company located in Minneapolis, Minn. This transaction closed on February 27, 2015.
According to Associate Director Steiger, the complex was highly sought after and garnered interest from both in-state and out-of-state investors. “During our three-week marketing period, we toured the property with 30 investors and received 15 offers,” said Steiger.
California Drive Apartments is comprised of nine separate buildings with 108 apartment homes and is located in St. Paul between Como Park and Rosedale Shopping Center. The property won four Minnesota Multi-Housing awards, including the most prestigious MADACS Award for overall property excellence in 2000 and again in 2003.