Properties listed in Richfield

Michel Commercial presents the Richfield Portfolio, featuring three unique properties with a combined total of 236 apartment homes. These properties are available for purchase individually or as a portfolio. Portfolio Overview Located in the first-ring suburb of Richfield, MN, this portfolio offers a desirable mix of one- and two-bedroom apartment homes along with spacious three-bedroom townhomes. Each property features surface and garage parking, an outdoor pool, gathering spaces, and convenient on-site laundry facilities. Many of the properties have seen recent updates, including newer roofs, boilers, and decks. These properties have been well-maintained under the long-term ownership and management of the award-winning Highland Management Group. They were originally developed by Highland and are now being offered for sale for the first time. Prime Location The Richfield Portfolio is ideally situated near some of the Twin Cities’ most popular attractions, including the Minneapolis-St. Paul International Airport and the Mall of America. Residents enjoy the convenience of nearby shopping options such as Walmart, Sam’s Club, and Target. Outdoor enthusiasts have access to Wood Lake, Richfield Lake, Veterans Parks, and the Mississippi River, all just a short drive away. With easy access to Interstates 494, 35W, and MN 77, residents can easily navigate the metro area, connecting to top employers and entertainment destinations. Investment Potential These properties offer a compelling value-add investment opportunity with strong potential for rental growth through interior upgrades. Recent renovations in nearby, like-kind properties have driven up rental rates and maintain strong occupancy. With their prime locations and proven historical performance, this portfolio provides investors a unique opportunity to capitalize on the momentum of a growing submarket while positioning each property for continued NOI growth.

Michel Commercial is pleased to present the Portland Terrace Apartments, a 68-home apartment complex located in the suburb of Richfield, MN. Built in 1963, Portland Terrace has a desirable unit mix of mostly one- and two-bedroom units with on-site laundry facilities, covered garages (30), and ample surface parking. Residents of Portland Terrace Apartments appreciate its exceptional connectivity, with easy access to major routes such as Interstate 494, 35W, and Highway 77, enabling seamless travel throughout the Twin Cities. Positioned within a dynamic commercial hub, the property offers convenient proximity to renowned retailers, including Target, Walmart, the Mall of America, and the Galleria. Nature enthusiasts enjoy the nearby Wood Lake Nature Center that boasts three miles of scenic walking trails, boardwalks encircling the lake, observation shelters, docks, a picnic area, and an outdoor amphitheater, providing a haven for outdoor recreation and relaxation. The Portland Terrace Apartments represents a compelling investment opportunity characterized by significant upside potential. A strategic repositioning, coupled with prompt unit renovations, can yield substantial rent premiums (over $195/unit/month). The property’s convenient location and the demand for housing in the submarket makes the Portland Terrace Apartments a strong investment vehicle.