Joint venture buys student housing complex

Joint-venture partners Phoenix Property Co. and Lincoln Property Co. have acquired Grand Marc Minneapolis, a four-story, 183-unit, student housing building in Minnesota.

The value of the transaction was $25.7 million.

The 370-bed student housing property, which was built in 2000, is located at 1849 Washington Ave. South in Minneapolis 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.

Colliers Seeley International's West Los Angeles office represented the joint buyers and the seller, AIG Global Real Estate, in the transaction.

Colliers Seeley International Inc. offers a full range of commercial real estate services throughout Southern California, including Los Angeles, Orange, Riverside, San Bernardino and Ventura counties.

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