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Michel Commercial is pleased to present the Bentonwood 4 Estates, a 56-apartment home, 16-building apartment complex located in St. Cloud. This property boasts a history of strong occupancy and features a desirable unit mix of one- and two-bedroom units. Residents enjoy on-site laundry facilities and the convenience of covered and surface parking. Bentonwood 4 Estates is nestled in the heart of St. Cloud, Minnesota, a charming city known for its vibrant community and natural beauty. This idyllic residential neighborhood is strategically situated to offer both tranquility and convenience to its residents. Located just a short distance from downtown St. Cloud, Bentonwood 4 Estates provides easy access to a myriad of amenities, including shopping centers, restaurants, and entertainment options. Additionally, its proximity to major highways 10 and 23, ensures seamless connectivity to neighboring cities and attractions. Surrounded by lush greenery and picturesque landscapes, Bentonwood 4 Estates offers a serene retreat from the hustle and bustle of urban life while still providing all the conveniences of modern living. Bentonwood 4 Estates is a value-add investment opportunity and is well-positioned for rental upside through interior upgrades. With its convenient location and strong rental upside, this property is an attractive investment opportunity with a stable resident base that is proud to call the Bentonwood 4 Estates “home.”
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Michel Commercial is pleased to present the Avenue Apartments, a 36-apartment home, three-building apartment complex located in Brooklyn Center. This property boasts a history of strong occupancy and features a desirable mix of studio, one-, and two- bedroom units. The kitchens have been renovated throughout, with granite countertops, stainless steel appliances, cherry cabinets, and LVP flooring. Residents enjoy on-site laundry facilities and the convenience of surface parking The Avenue Apartments are just two miles from the heart of Brooklyn Center, a first-ring suburb of the Twin Cities, and the community’s robust community center, library, and primary shopping district. The property is three miles from the banks of the Mississippi River and ten miles from central Minneapolis. Residents appreciate easy access to Interstates 94 and 694. The Avenue Apartments is a turn-key investment opportunity with significant capital improvements (new roofs, newer windows, renovated kitchens) and is poised for continued rent growth. The owners switched management companies, within the last 12 months, and have benefitted from incredible rent growth, a full RUBS (ratio utility billing system) implementation, and an improved resident base. With its convenient location, recent capital improvements, and strong rental upside, this property is an attractive investment opportunity with a solid resident base that is proud to call the Avenue Apartments “home.”
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Michel Commercial is pleased to present the Northfield Estates, 54 apartment homes across four properties. Located in Northfield, MN, these properties boast a history of strong occupancy and feature mostly oneand two-bedroom units. Residents enjoy on-site laundry facilities and the convenience of garage and surface parking. Northfield boasts a rich academic and professional landscape, anchored by prestigious institutions like Carleton College and St. Olaf College. Complementing these esteemed colleges are notable employers such as the Northfield Hospital & Clinics, Shattuck-St. Mary’s School, Malt-O-Meal, and Post Consumer Brands which significantly contribute to the city’s vitality and employment opportunities. Amidst this dynamic environment, residents and visitors can immerse themselves in the vibrant downtown scene, perusing local shops and dining at delicious restaurants. The city’s accessibility is further enhanced by convenient access to major highways like Highway 3 and Interstate 35, facilitating seamless connectivity to neighboring areas. The Northfield Estates is a value-add investment opportunity and is well-positioned for rental upside through interior upgrades. Many of the neighboring properties have been renovated and are achieving significant rental premiums. With its convenient location, recent capital improvements, and strong rental upside, this property is an attractive investment opportunity with a stable resident base that is proud to call the Northfield Estates “home.”
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Michel Commercial is pleased to present the BestPenn Apartments, 21 apartment homes across two, neighboring properties. Located in the first-ring suburb of Richfield, these properties boast a history of strong occupancy and feature 20, one-bedroom units and 1, three-bedroom unit. Residents enjoy on-site laundry facilities and the convenience of surface parking. Centrally located in Richfield, the BestPenn Apartments are minutes from abundant shopping and dining options, including Target, the Southtown Mall, and the Mall of America. With easy access to major highways like Interstate 494 and Interstate 35W, commuting is hassle-free. In addition, nature lovers can relax in nearby parks like Veterans Memorial Park and Wood Lake Nature Center after a busy day. BestPenn is also minutes from the Minneapolis-St. Paul International Airport and only ten miles from Minneapolis. The BestPenn Apartments is a value-add investment opportunity and is well-positioned for rental upside through interior upgrades. Many of the neighboring properties have been renovated and are achieving significant rental premiums. With its convenient location and strong rental upside, this property is an attractive investment opportunity with a stable resident base that is proud to call the BestPenn Apartments “home.”
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Michel Commercial is pleased to present the FreeBloom Apartments, 12 apartment homes located in the desirable suburb of Bloomington. This property boasts a history of strong occupancy and features all two-bedroom units. Residents enjoy on-site laundry facilities and the convenience of garage and surface parking. The FreeBloom Apartments is located in Bloomington, MN, and its residents appreciate easy access to a range of community amenities. Shopping options abound, with Southtown Shopping Center nearby and the renowned Mall of America just a short drive away. Dining options cater to diverse tastes, ensuring something for everyone. Major highways like Interstate 494 and Interstate 35W provide quick connections throughout the metro. In addition, nature enthusiasts enjoy the nearby parks such as Hyland Lake Park Reserve for outdoor activities and relaxation. The FreeBloom Apartments is a value-add investment opportunity and is well-positioned for rental upside through interior upgrades. Many of the neighboring properties have been renovated and are achieving significant rental premiums. With its convenient location and strong rental upside, this property is an attractive investment opportunity with a stable resident base that is proud to call the FreeBloom Apartments “home.”
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Michel Commercial is pleased to present the Ventura Flats, a 74- unit, market-rate apartment complex situated in Minneapolis’s Ventura Village neighborhood. Built in 1967, this property features 18 studios and 56 one-bedroom units, with a history of strong occupancy. The Ventura Flats also has on-site laundry facilities as well as surface parking. Ventura Village, nestled in the heart of Minneapolis, is a vibrant neighborhood known for its cultural richness and community spirit. Its central location provides easy access to downtown amenities, public transportation, and a plethora of cultural and recreational opportunities. Residents benefit from active community organizations and initiatives aimed at fostering a sense of belonging and improving the overall quality of life. With its rich tapestry of cultures, bustling streets, and welcoming atmosphere, Ventura Village embodies the dynamic spirit of Minneapolis living. The Ventura Flats offers a compelling investment opportunity, boasting attractive, assumable debt at 4.58% until 2028. With a mission-driven approach, the long-term owners have intentionally maintained exceptionally low rents to ensure naturally occurring affordable housing for residents. We anticipate that the next owners can capitalize on significant rent increases simply by adjusting them to market rates and/or by permitting Section 8 vouchers. Additionally, leveraging the 4D tax program can substantially reduce the property’s tax liability. Situated conveniently with easy access to highways and urban amenities, the Ventura Flats stands as an attractive investment prospect.
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Sold Properties

$ 126,000,000
Michel Commercial Real Estate is pleased to present an exclusive listing for the sale of The Cliffs of Minnetonka (the “The Cliffs”), a sprawling 456-unit apartment community. This rare offering is for sale for the first time. Built in 1985, this community features spacious units, open concept living, in-unit washers and dryers (322 units), heated underground parking, and resort-style amenities. The Cliffs is located in the city of Minnetonka, one of the most desirable suburbs in the Twin Cities, and situated in the top-rated Wayzata School District. The Cliffs is bordered by residential communities to the north and a robust commercial area directly to the south. Ridgedale Center Mall, one of the busiest malls in the Twin Cities, is just a five-minute drive away and features 108 stores (1.1 million square feet of retail space). Downtown Minneapolis is less than ten miles away via direct route on Interstate 394, which is less than a block from The Cliffs’ entrance. The Cliffs of Minnetonka is a value-add investment opportunity and is well positioned for accelerated rent growth through interior upgrades in the apartment units. The property is 96% occupied and over $1.5MM in capital improvements have been made to the common areas within the last year. Offered free and clear of existing debt, this property is a high yield investment opportunity when coupled with today’s attractive financing options. The Cliffs of Minnetonka is a rare jewel of a property that was built to be a showstopper and is located in a high barrier of entry market with easy access to top employment sectors, shopping, and freeways.
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$ 73,500,000
Michel Commercial Real Estate is pleased to present an exclusive listing for the sale of the SpringBrook Apartments, an expansive 361- unit apartment complex featuring 242 detached garage stalls and resort-style common areas. This rare offering is for sale for the first time. Built in 1987, the Property is a value-add investment opportunity and is well positioned for strong rental growth through interior upgrades. A portion of the units have been renovated and serve as a model for the rental growth potential.
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$ 32,800,000
Michel Commercial Real Estate is pleased to present an exclusive listing for the sale of the Tealwood Apartment Homes (“Tealwood” or the “Property”). This sprawling 213- home community was built in 1987 and has a mix of market-rate homes (65% or 138-units) and affordable homes (35% or 75-units). Tealwood features open floor plans, full-size in unit washers and dryers, heated underground parking, in unit fireplaces, as well as balconies and patios. This Property is beautifully landscaped and boasts luxurious, community amenities. Tealwood is located in West Bloomington and the Property is surrounded by a blend of residential neighborhoods, parks and golf courses, as well as commercial hubs, including grocery stores and coffee shops. Bloomington is the fourth largest city in Minnesota and home to the Mall of America. Many large companies have chosen Bloomington for their headquarters and major operations, leading to Bloomington’s extremely high number of jobs per capita. Tealwood is served by Bloomington Jefferson High School, which has been named a National Blue Ribbon School of Excellence by the U.S. Department of Education. Interstate 494 is just 2.5 miles away, offering easy access to downtown Minneapolis and St. Paul, as well as the Minneapolis-St. Paul International Airport. The Tealwood Apartment Homes is a value-add investment opportunity and is well positioned for accelerated rent growth through interior upgrades in the market-rate homes. The Property is 99.1% occupied and over $1.6MM in capital improvements have been made in the last 8 years. Residents enjoy the Property’s stunning community amenities, including: a 24-hour fitness center, an outdoor pool, an outdoor great room, a dog park, 24/7 package kiosk, walking trails, and sport courts for: basketball, and tennis. The Tealwood Apartment Homes is an impressive community located in a robust market with easy access to top employers, shopping, and freeways.
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Michel Commercial is a trusted multifamily brokerage, known for its integrity and track record of successful results. Established by Steve Michel in 1987, Michel Commercial has a strong reputation for extensive marketing and strong industry relationships. The Michel Commercial team are market experts who stay up-to-date with prevailing market conditions and trends. The firm has sold over $2.4 billion worth of apartment properties and regularly receives the “Power Broker Award’ for being among the highest overall in apartment transaction volume in the Twin Cities multifamily market.

The Executive Team

Over 100 Years of Combined Experience

Jesse Thurston

Senior Associate
Jesse, the newest team member of Michel Commercial Real Estate, joining in 2024, has a bac ...

Stacie Mugazia

Executive Assistant
Stacie joined Michel Commercial Real Estate in 2022 after 15 years as a paralegal. She is ...

Steve Michel

President
Steve founded Michel Commercial Real Estate in 1987. He was licensed to sell real estate ...

Peter Michel

Vice President
Peter joined Michel Commercial Real Estate in 1991 and focuses solely on selling multifami ...

Phil Reesnes

Vice President
Phil joined Michel Commercial Real Estate in 2002. Specializing in multifamily housing, Ph ...

Heidi Addo

Vice President
Heidi joined Michel Commercial Real Estate in 2019 after many years of teaching elementary ...

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