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Michel Commercial Real Estate is pleased to present an exclusive listing for the sale of the Station Street Apartments (“Station Street” or the “Property”), a 108-unit apartment community located in Big Lake, MN. Station Street offers open concept living spaces and a wealth of community amenities, including: a fitness room, an outdoor pool, and a play area for children. The Station Street Apartments are located in Big Lake, an exurb of the Twin Cities. The Big Lake area is known for its beautiful parks, stunning lakes, and economic development opportunities. Big Lake is home to many young families who value a closeknit community as well as easy access to big-city amenities and employment options. Station Street is a three-minute walk from the Big Lake Train Station, where commuters can ride the Northstar Line to downtown Minneapolis in under an hour. The Property is half a mile from US Highway 10 and just ten minutes from Interstate 94. Big Lake is within commuting distance of the Twin Cities making it a desirable location for residents and the Big Lake market boasts higher rents than the state average year after year. In addition, the city has added over a thousand singlefamily and multi-family rental units since 2015 to accommodate growing demand for housing. The Station Street Apartments offer a desirable mix of studio, one, and two-bedroom units and has been a welcomed addition to the Big Lake community proven by the strong lease-up velocity. Station Street is a well-built, turn-key property located in a growing, family-friendly market with competitive rental rates and access to parks, highways, and employment sectors.
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Michel Commercial Real Estate is pleased to present an exclusive listing for the sale of the Hillcrest Apartments, a 40-unit apartment community. Built in 1963, Hillcrest offers spacious floor plans, private entrances, wood-burning fireplaces, and modern kitchen appliances.   Hillcrest is located in Columbia Heights, a historic, first-ring suburb of Minneapolis. Columbia Heights is home to popular restaurants, beautiful parks, and golf courses. Many residents enjoy the city’s small-town feel, big-city amenities, and easy access to downtown Minneapolis. Hillcrest is directly across the street from Columbia Heights High School and Highland Elementary School, a safe walking distance for many children. The city’s major commercial hub is less than a mile way, with everything from grocery stores and major brands to the iconic Heights Theater. The Property is less than two miles from the Interstate 694 entrance, which connects to Interstates 94 and 35W. University of Minnesota, University of Northwestern, and Bethel University are all located within 6.5 miles of Hillcrest as well.   The Hillcrest Apartments is a value-add investment opportunity with strong in-place income and upside potential through interior and exterior upgrades. Hillcrest is a reliable property located in a family-friendly market with access to parks, highways, and employment sectors.
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Under Contract
The Clearwater River Apartments is a 25-unit apartment property located in Clearwater, MN. Built in 1980, this property has a desirable unit mix with an all-brick exterior, onsite laundry facilities, and each unit has a private balcony or walkout patio. The city of Clearwater is located in the northern tip of Wright County and is also a part of Stearns County. It is settled between the Mississippi River and the Clearwater River with its two main thoroughfares being Interstate 94 and Minnesota State Highway 24. Being centrally located, just 12 miles south of St. Cloud and 54 miles northwest of Minneapolis, makes Clearwater a hub for many trucking and trucking related companies. Clearwater is also the home of a number of other businesses including T.O. Plastics, Tri-County Lumber, the Clearwater Travel Plaza, and many more. The Clearwater River Apartments is a value-add investment opportunity and is well positioned for accelerated rent growth through interior upgrades in the apartment units. This property has strong in-place income, strong occupancy, and many recent capital improvements including: a new hot water heater and a new security camera system. The Clearwater River Apartments offer investors a solid cash-flowing property and it provides its residents with a centrally-located, small-town community with easy access to major employers, outdoor spaces, and more.
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Sold Properties

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.
456
$ 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.
361
$ 29,225,000
The Falcon Heights Town Square Senior Apartments and the Falcon Heights Town Square Apartments are located in Falcon Heights, MN in Ramsey County. These properties have a total, combined unit count of 175-units and are a mix of market rate (65%) and affordable (35%) units. The sale includes approximately $1.7 million in TIF. The Falcon Heights Town Square Senior Apartments were built in 2003 and have 56 units (32% of the portfolio). This property features one-bedroom units, one-bedroom + den units, and two-bedroom units that vary in size and style. About 95% of the units are market rate and 5% of the units are affordable. Each unit has an in-unit washer and dryer, central heat and air conditioning, a dishwasher, a microwave, a refrigerator, a self-cleaning oven, a step-in shower, and is cable/ satellite ready. This independent, senior (62+) living community also has a 24-hour fitness room, a game room, a puzzle room, a media room with internet, a library, two community areas with fireplaces, and an outdoor community space. The Falcon Heights Town Square Apartments were built in 2004 and have 119 units (68% of the portfolio). This property features one-bedroom units, two-bedroom units, and three-bedroom units that vary in size and style. About 51% of the units are market rate and 49% of the units are affordable. Each unit has an in-unit washer and dryer, air conditioning, a dishwasher, a refrigerator, a self-cleaning oven, and generous closet space. This property also has multiple retail spaces with great visibility on the ground floor. The Falcon Heights Town Square Senior Apartments and the Falcon Heights Town Square Apartments feature ample heated underground parking ($50/month) as well as surface parking. These properties are centrally located and the residents enjoy the close proximity to I-35W and Highway 36. The convenient location also allows for easy access to: the Rosedale Mall, downtown St. Paul, local businesses, parks, trails, the Mississippi River, local schools, restaurants, bus lines, and more. The Falcon Heights Town Square Senior Apartments and the Falcon Heights Town Square Apartments offer comfortable and spacious living with an urban suburban feel.
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Michel Commercial Real Estate was founded by Steve Michel in 1987 and is focused on selling multifamily housing. The firm has sold over $2,000,000,000 in apartment sales and is known for extensive regional & national marketing, strong relationships, and negotiation expertise. Recognized as a top dealmaker in the Midwest, Michel Commercial Real Estate represents both private and institutional investors 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

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 ...

Ben Michel

Senior Associate
Ben joined Michel Commercial Real Estate in 2010 as an investment property specialist, and ...

Heidi Addo

Senior Associate
Heidi joined Michel Commercial Real Estate in 2019 after many years of teaching elementary ...

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