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Elmwood Apartments Portfolio

Elmwood Apartments Portfolio

918 17th Ave SE  /

Property Details

Price:
Property Type Multifamily
Year Built: 1975
Number of Units: 79
Garages: 124
County: Hennepin

Description

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.

Location

The Minneapolis-St. Paul apartment market will continue to benefit from the strongest rental industry demographics in the Midwest—and some of the best in the country. Commonly called the Twin Cities, Minneapolis-Saint Paul is among the 25 largest MSAs in the United States, with 3.6 million residents. The Twin Cities is the 4th most educated MSA in the country, with the 7th highest income growth (4.6%) and the highest area median income ($87,520) in the Midwest. The Twin Cities is home to many Fortune 500 companies, including UnitedHealth Group, 3M, Eco Lab, and General Mills. From 2015 through 2019, the Twin Cities suburbs averaged a strong annual rent growth of 5.0%. Rent growth was 2.19% in 2021 and is projected to be 3.59% in 2022, signaling recovery from the economic impact of the COVID-19 pandemic. The suburban Twin Cities submarket has seen tremendous growth over the past five years, signaling long-term demand. From 2016 through 2020, the suburban Twin Cities submarket averaged 97.3% occupancy, and occupancy averaged 96.49% in 2022. Despite above-average deliveries over the past six years, occupancy has continued to remain in line with historical averages.

Highlights

Premier Location
• 4 Blocks from U of M East Bank Campus
• Como Neighborhood
• Just North of Dinkytown
• Near Multiple Bus Stops
• Walkable

Stabilized Assets
• Market Rate Rents
• Excellent Occupancy
• Turn-Key Investment with Upside Potential
• Desirable Student Housing Unit Mix
• Own Entire Block 7

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