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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.
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Michel Commercial Real Estate is pleased to present an exclusive listing for Oak Hill Estates (“Oak Hill Estates” or the “Property”), a 36-unit, three-building apartment complex located in Sartell, Minnesota. Built in 1977, this property is comprised of: (36) two-bedroom units that vary in size and style. Each unit has a self-cleaning oven, dishwasher, microwave and a refrigerator. There are laundry facilities on-site as well as 33 garages. The Oak Hill Estates are conveniently located, residents enjoy access to downtown St. Cloud, the Mississippi River, Sam’s Club, local universities, golf courses, businesses, parks, schools, highways, shopping, restaurants, and more. The Oak Hill Estates offer spacious, economical living in a quiet residential setting.
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Under Contract
The Anoka is comprised of ten properties with a total of 115 units. This portfolio features a desirable unit mix of primarily two-bedroom units with many capital improvements including: granite countertops (about 92 units), LVP flooring (about 29 units), updated equipment, updated roofs, updated windows, and newly poured concrete parking lots. The pride of ownership of the long-time owners is evident through the substantial investment of high quality materials that they have put into the properties in order to keep them in good working order. This portfolio is located in the neighboring, northern suburbs of Anoka and Champlin. These growing suburbs provide the convenience and easy access to the many employment sectors of the Twin Cities by way of US Highway 10 and US Route 169. These suburbs also have a variety of commuting options with two light rail lines and the Northstar commuter line. Residents of Anoka and Champlin enjoy ample walking and biking paths, lively town centers, and strong community pride. These well-maintained properties have excellent current and historical occupancy as well as solid in-place income. This portfolio offers an immediate, naturally-occurring rent increase opportunity with rents well below the like-kind rent comparables. In addition, these properties are an ideal value-add investment opportunity with substantial rental growth potential through interior upgrades. (The Anoka and Champlin suburbs have had similar-type properties, to this portfolio, successfully execute value-add strategies. These remodeled properties and units have been well-received in the market, proven by their strong rents and strong occupancy.) This Anoka/Champlin portfolio offers a unique opportunity to capture a large number of suburban apartment units within a few miles of each other in two growing cities that offer access to top employers, cultural amenities, green spaces, and more.
115
Under Contract
Michel Commercial is pleased to present the Champlin portfolio. This portfolio is comprised of two, 12-unit properties for a total of 24 units. This portfolio features a desirable unit mix of primarily two-bedroom units with many capital improvements including: granite countertops (17 units), LVP flooring (5 units), updated equipment, updated roofs, updated windows, and a newly poured concrete parking lot. The pride of ownership of the long-time owners is evident through the substantial investment of high quality materials that they have put into the properties in order to keep them in good working order. This portfolio is located in Champlin, MN within Hennepin County. This growing suburb provides the convenience and easy access to the many employment sectors of the Twin Cities by way of US Highway 10 and US Route 169. Residents of Champlin enjoy ample walking and biking paths, lively town centers, and strong community pride. These well-maintained properties have excellent current and historical occupancy as well as solid in-place income. This portfolio offers an immediate, naturally-occurring rent increase opportunity with rents well below the like-kind rent comparables. In addition, these properties are an ideal value-add investment opportunity with substantial rental growth potential through interior upgrades. This Champlin portfolio offers a unique opportunity to acquire long-held properties in a growing city that offers access to top employers, cultural amenities, green spaces, and more.
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Under Contract
Michel Commercial is pleased to present this two-property portfolio in Roseville, MN that has a total of 53 units and are 1.5 miles apart. Terrace Park is a 36-unit property (27 of the units (75%) have been remodeled) with large floor plans, private balconies/patios, and heated, underground parking (included in rent). Terrace Park is adjacent to a pond and residents enjoy the walking path and green space. Snelling Curve is a 17-unit property (9 of the units (53%) have been remodeled) at a quiet, street end with covered garages and a lush backyard patio space. Residents of Snelling Curve enjoy the peaceful neighborhood and convenient location. Both properties have on-site laundry facilities, storage lockers (included in rent), and updated common areas. The Terrace Park and Snelling Curve Apartments are ten miles from both Minneapolis and St. Paul. Residents are also minutes away from a robust commercial hub with popular retail stores and near the Rosedale Center mall. Roseville is an urban-suburban community and it is known for its top-rated schools and nearly 700 acres of beautiful park lands. Much of the city is commercially zoned which makes property taxes in Roseville lower than the neighboring communities. The entrances to Minnesota State Highways 36 and 51 and Interstate 35W are less than five minutes away, allowing for easy travel and access to top employers. These well-maintained and well-managed properties have an excellent current and historical occupancy as well as strong in-place income. This portfolio offers an immediate, naturally-occurring rent increase opportunity with rents below the like-kind rent comparables. In addition, 36 of the 53 units (68%) have been remodeled with the remaining original units providing an ideal value-add investment opportunity with rental growth potential through interior upgrades. The Terrace Park and Snelling Curve Apartments are turn-key properties that provide easy access to big-city attractions and amenities, green space, and freeways.
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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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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 $1.5MM in capital improvements have been made to the common areas within the last year. Offered free and clear of existing debt, this property is a high yield investment opportunity when coupled with today’s attractive financing options. The Cliffs of Minnetonka is a rare jewel of a property that was built to be a showstopper and is located in a high barrier of entry market with easy access to top employment sectors, shopping, and freeways.
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$ 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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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

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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