MINNEAPOLIS—Monarch& Management group, based in Franktown, Colo., has purchased Stone Grove Apartments, located in Burnsville, for $17.3 million. Everest Real Estate Advisors in Minneapolis represented the seller.
The 228-unit Stone Grove Apartments was built in 1974 and reported 97 percent occupancy in early 2012. Features at theproperty include underground parking, elevators, indoor swimming pool, gabled roofs and balconies.
Located with easy access to Interstate 35W and Highway 13, the complex is in close proximity to shopping, restaurants, parks and schools.
“We had strong buyer interest in the asset and toured groups from across the country,” said Gina Dingman, president, Everest Real Estate Advisors. “The national interest in the asset is an indication of broadinterest in the Twin Cities due to the strong fundamentals in the market and national press we have been receiving for the past two years.”