The Anoka/Champlin portfolio 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 is 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 employement 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-occuring 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-recieved 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.