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.
Michel Commercial Real Estate is pleased to present an exclusive listing for the Marr-Don Apartments (the "Property" and the "Marr-Don") an 18-unit multifamily property located in Crystal, MN. Built in 1967, the Marr-Don Apartments have a brick exterior and feature a desirable unit mix with on-site laundry facilities and parking garages. The city of Crystal, a popular first-ring suburb in the Twin Cities and within Hennepin County, is home to over 250 acres of parks, popular community centers, and the Crystal Campus of the FAIR School, an award-winning arts school. The Marr-Don is surrounded by residential communities and is within walking distance of several parks. The Property offers convenient access to Interstate Highways 94 and 694, and downtown Minneapolis is just a seven-mile drive away. The Marr-Don Apartments is a value-add investment opportunity and is well positioned for accelerated rent growth through interior upgrades. Five of the units are available to be remodeled immediately and a new boiler was installed within the last two years. The Marr-Don is nestled within a steady rental market and is conveniently located with easy access to many Twin Cities employers, beautiful parks, and community gathering spaces.
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.
The Victory Apartments were built in 1978 with a 3-story above ground, barrier free design and a pitched roof. The property consists of 27 one bedrooms, 12 two bedrooms and 12 detached garages. Some amenities include air conditioning, laundry facility, community room, outdoor patio with BBQ, secured entry, elevator and an office. The Victory Apartments is a Project Based Section 8 Property that provides housing to seniors and people with disabilities. The building has a fire alarm system and a sprinkler system and is heated with electric baseboards. The property is 100% occupied with a waiting list. In the last 5 years the property has received a new roof, new casement windows, and a new steel siding and rock wainscoting exterior.
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.
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.