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Falcon Apartments

5385 385th St North Branch / Minnesota

Property Details

Price:

Property Type Multifamily

Year Built: 2022

Number of Units: 144

Garages: 80

County: Chisago

Description

Michel Commercial is pleased to present the Falcon Apartments, a 144-home community in North Branch, Minnesota in Chisago County. Developed by the highly regarded Kuepers Inc. and delivered in 2022 and 2023, the property provides investors the opportunity to acquire a newly built, fully occupied asset in a supply-constrained submarket with no concessions and clear rent growth potential. Chisago County’s population has grown nearly 17% over the past decade, yet new housing development has not kept pace. With no multifamily projects currently under construction or in the pipeline, Falcon Apartments is well positioned to capture the advantages of a widening gap between housing demand and available units—supporting sustained occupancy and ongoing rent growth. Anchored by durable income, high-quality construction with spacious layouts and desirable amenities, and clear potential to raise in-place rents, Falcon Apartments delivers long-term value and compelling performance in a market defined by limited supply and sustained demand.

Location

Positioned just off I-35, Falcon Apartments offers direct access to the Twin Cities while providing residents a more affordable alternative. The property benefits from steady demand fueled by leading regional employers including Andersen Windows, Polaris, Cambridge Medical Center, and North Branch Area Public Schools.

Highlights

Strong Occupancy
Falcon Apartments has a strong history of occupancy, delivering consistent and predictable income with no concessions. Recent leasing activity reflects strong momentum, with renewals achieving healthy rent increases averaging 6.27% and high retention. Current rents remain below nearby comparable properties, creating additional upside as leases expire and turn over.

Broader Implementation of RUBS
There is an opportunity for new ownership to expand the implementation of the Resident Utility Billing System (RUBS). Currently, gas, water/sewer, and trash costs are not billed back to residents, presenting an opportunity to improve cost recovery and enhance the property’s financial performance.

Connectivity to Employment & Recreation
Located just off I-35, Falcon Apartments provides direct access to Minneapolis–St. Paul and surrounding employment hubs and recreational opportunities such as Wild River State Park and regional trails.

Supply-Constrained Submarket
Chisago County has experienced significant population growth while new multifamily development has stalled. With no properties under construction or in the pipeline, Falcon Apartments is uniquely positioned to capture continued rent growth, ensuring durable income stability in a tightening market.

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Falcon Apartments