Property Details
Price: $ 73,500,000
Property Type Multifamily
Total Lot Size: 20.6 Acres
Year Built: 1987
Number of Units: 361
Garages: 242
County: Anoka
Description
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.
Location
Conveniently located in Fridley, a “first ring” suburb of Minneapolis, the SpringBrook Apartments are bordered by the SpringBrook Nature Center as well as a strong commercial hub, with Target and Walmart within walking distance. The Property is situated in Anoka County, which is often considered a more landlord friendly county in comparison to the surrounding counties. SpringBrook is only a few blocks from Highway 47 which connects to Highway 610 to the north and Interstate 694 to the south, providing easy access and a short commute to downtown Minneapolis and St. Paul.
Highlights
- Great Location
- Well Maintained
- Excellent Occupancy History
- Brick/Steel Siding
- 242 Detached Garage Stalls
- Three-Story Above Ground Design
- Pitched Roofs
- Large Attractive Floor Plans
- Air Conditioning
- Dining Room
- Cable Ready
- Dishwasher and Microwave
- Walk-In Closets
- Basketball Courts and Volleyball Court
- Clubhouse and Party Room
- Free Laundry Facilities on Each Floor
- Picnic Area with BBQ
- Whirlpool and Sauna
- 24/7 Package Kiosk Center
- Indoor and Outdoor Pools
- 24/7 Fitness Center
- Billiard Room
- Tennis Court and Sport Courts
- Controlled Access Entries
- Playground and Dog Parks
- Patio/Balcony
- 3rd Floor Vaulted Ceilings
- Pet Friendly
- Smoke Free Living