St. Paul, MN, July 1, 2021 – Simek Property Group sells their fourth apartment property this year in a 1031 Exchange. Parkway Flats, located at 931-945 St. Paul Avenue in the Highland Park neighborhood, recently sold for $2.45 million. This two-building property contains 20 units consisting of one- and two-bedrooms.

Stuart Simek, President and Owner of Simek Property Group says “It was a good opportunity to sell this asset and consolidate holdings into larger investments. I learned the apartment business on many smaller buildings and am now focusing efforts on properties with 75 or more units. This sale will be a part of a 1031 exchange.”

Simek bought the property in 2014 and completed a renovation that included new kitchens, bathrooms, windows, roof, and common areas. The property is located near the eastern edge of the Highland Park Ford redevelopment site.

About Simek Property Group. Simek Property Group has been involved in the commercial real estate investment business since 1995. Investment projects have included multi-family, office, and retail. Development projects have included townhomes, retail, and condo conversions. They own more than 350 apartment units and 100,000 square feet of retail and industrial throughout the Minneapolis-St. Paul area.