Colliers Arranges $9M Sale of 100-Unit Anderson Plaza Apartments in Northeast Minneapolis
Colliers has arranged the $9 million sale of Anderson Plaza Apartments, a 100-unit multifamily community at 1800 NE Garfield Street in Northeast Minneapolis — marking the first ownership transfer for the property since it was developed in 1963, the firm announced April 14, 2026.
The buyer, Quarry Apartments LLC, acquired the asset from the Anderson family, which had owned and operated the property since its construction on a former quarry site more than six decades ago. At the time of closing, the community was approximately 86% occupied.
Deal Details
Anderson Plaza features 100 units with a mix of 46 one-bedroom and 54 two-bedroom floor plans. The property has long served as a source of workforce housing in Northeast Minneapolis, offering residents convenient access to downtown Minneapolis and surrounding industrial employment centers.
The Colliers multifamily team representing the seller included Executive Vice Presidents Mox Gunderson, Dan Linnell, and Adam Haydon, along with Associate Vice President Devon Dvorak and Associate Drew Jackson.
"The property presented a compelling value-add opportunity, supported by strong rent premiums achieved by recently renovated assets in the area," said Dvorak. "It was great to represent the Anderson family on this transaction, and we look forward to seeing the community flourish under new ownership."
Value-Add Investment Strategy
Colliers described the transaction as a value-add opportunity, citing rent premiums commanded by recently renovated comparable properties in the Northeast Minneapolis submarket. The community's location near downtown and industrial employment hubs positions it to benefit from targeted renovations and operational improvements, according to the firm.
Colliers Minneapolis-St. Paul Multifamily Team
The Colliers Minneapolis-St. Paul multifamily brokerage team is co-led by Gunderson and Linnell, both former Managing Directors at JLL's Capital Markets Group in Minneapolis. Haydon, also a former JLL Senior Director, focuses on secondary and tertiary markets across Minnesota, the Dakotas, Montana, Iowa, and Nebraska. Dvorak, an Associate Vice President, previously spent five years at JLL before joining Colliers. Jackson, an Associate Broker who joined the team in 2024, holds degrees in Finance and Real Estate from the University of St. Thomas in St. Paul.
Collectively, the team has sold or capitalized more than $3.5 billion in multifamily assets across the Midwest, with a focus on dispositions, like-kind exchanges, portfolio sales, valuation, and underwriting, according to Colliers.
The $90,000 price per unit reflects the property's age, current occupancy, and value-add positioning relative to newer or recently renovated assets in the submarket.