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Michel Commercial is pleased to present an exclusive listing for the Bristlecone Apartments, a 36-unit apartment building in Bemidji. Bristlecone is a non-smoking property with on-site laundry facilities, off-street and garage parking, storage units, and air conditioning. Each unit has a balcony or patio, a linen closet, window coverings, and a full kitchen appliance package, including a dishwasher. Bristlecone Apartments are located in Bemidji, the largest commercial center between Duluth and Grand Forks. Bristlecone is within walking distance of several shops, restaurants, and Bemidji State University. Bristlecone is less than two miles from a commercial hub, including Walmart, Target, grocery stores, and more. The entrance to U.S. Highways 2 and 71 are just five minutes away. Bristlecone is also within short driving distance of countless parks, including Buena Vista Ski Area. Bristlecone Apartments offers a desirable mix of one- and twobedroom units. This market-rate property is well maintained and offers solid in-place income. There is immediate opportunity to raise rentals, with further rental upside attainable through interior upgrades. Bristlecone Apartments is an attractive investment opportunity in a thriving community that serves over 200,000 people in the greater Bemidji area.
Michel Commercial is pleased to present the Elmwood Properties. This portfolio is a rare offering of 79 units (169 beds) in the Southeast Como neighborhoods, just four blocks away from the University of Minnesota’s East Bank campus. The Elmwood residences have long been an attractive and economical housing option for University of Minnesota students. These properties offer a range of one to five-bedroom units, with fully equipped kitchens, in-unit and on-site laundry facilities, as well as free parking. The Elmwood residences are private, secure, and removed from the congestion and noise of the University’s dorms. All of the properties across this portfolio have strong current and historical occupancy and are "turn-key" with some value add upside potential. The University of Minnesota is just fifteen minutes away on foot or by bike, and residents can catch the Metro Transit bus on the corner for a ride anywhere on campus. The properties are close to convenience and grocery stores, and a number of small businesses, including coffee shops, bars, restaurants, a barber, a dentist, gas stations, and more. The exciting neighborhood of Dinkytown is just minutes away, and downtown Minneapolis is right across the river, offering residents easy access to unique dining options, nightlife, university sports, and more. The Elmwood Apartments present a unique opportunity to own a large number of units in close proximity to the University of Minnesota. These properties can be sold altogether or individually.
Under Contract
Michel Commercial Real Estate is pleased to present an exclusive listing for The Oakhaven Estates. Oakhaven Estates was developed as a tax credit development and is now in the extended use period with 100% of the property being leased at the 50% AMI level. The residents have easy access to Highway 10 and 23 and Saint Cloud City buses stop just outside their doors for added convenience. The residents are within minutes of the Munsinger and Clemens Gardens where they can enjoy a peaceful stroll along the banks of the Mississippi River. The property is located near elementary, middle and high schools as well as Saint Cloud University. At Oakhaven Estates, residents enjoy their own private entrance, large closets, air conditioning and dishwashers. Other amenities include a large community playground, off street parking, detached garages and laundry facilities.
Under Contract
Michel Commercial Real Estate is pleased to present the Linderhof Park Apartments, a 56-unit, HUD-subsidized Project Based Section 8 apartment complex in New Ulm. The Section 8 contract expires in April of 2024 and at that time, the property can become market rate. Linderhof Park has many community amenities, including on-site maintenance, a new playground, a basketball hoop, a pool, off-street parking, and laundry facilities on every floor. Every townhome-style unit has its own balcony, deck, or patio. Linderhof Park is located in New Ulm, a family-friendly city with rich cultural heritage less than 100 miles from central Minneapolis. Linderhof Park is just a few blocks from Cash Wide Foods and Washington Learning Center. There are several restaurants and shops within walking distance of the property. Linderhof Park is less than a mile from U.S. Highway 14 and 1.5 miles from a commercial center, featuring a Walmart, Aldi, Menards, and more. Linderhof Park Apartments offers a desirable mix of one-, two-, and three-bedroom units. All four buildings are well maintained, and the property has a history of strong, long-term occupancy and low vacancy rates. Because Linderhof Park is an HUD-subsidized property, all tenants are pre-screened, and the property generates stable income even during periods of recession. Linderhof Park Apartments is a steady investment opportunity in a lively small city with a robust manufacturing sector, good schools, and award-winning healthcare facilities.

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.
$ 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.
$ 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.


Michel Commercial Real Estate was founded by Steve Michel in 1987 and is focused on selling multifamily housing. The firm has sold over $2,400,000,000 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

Stacie Mugazia

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

Steve Michel

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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