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Tealwood Apartment Homes

Tealwood Apartment Homes

9900 Briar Road  /

Property Details

Price:
Property Type Multifamily
Year Built: 1987
Number of Units: 213
Garages: 487
County: Hennepin

Description

Michel Commercial Real Estate is pleased to present an exclusive listing for the sale of the Tealwood Apartment Homes (“Tealwood” or the “Property”). This sprawling 213- home community was built in 1987 and has a mix of market-rate homes (65% or 138-units) and affordable homes (35% or 75-units). Tealwood features open floor plans, full-size in unit washers and dryers, heated underground parking, in unit fireplaces, as well as balconies and patios. This Property is beautifully landscaped and boasts luxurious, community amenities. Tealwood is located in West Bloomington and the Property is surrounded by a blend of residential neighborhoods, parks and golf courses, as well as commercial hubs, including grocery stores and coffee shops. Bloomington is the fourth largest city in Minnesota and home to the Mall of America. Many large companies have chosen Bloomington for their headquarters and major operations, leading to Bloomington’s extremely high number of jobs per capita. Tealwood is served by Bloomington Jefferson High School, which has been named a National Blue Ribbon School of Excellence by the U.S. Department of Education. Interstate 494 is just 2.5 miles away, offering easy access to downtown Minneapolis and St. Paul, as well as the Minneapolis-St. Paul International Airport. The Tealwood Apartment Homes is a value-add investment opportunity and is well positioned for accelerated rent growth through interior upgrades in the market-rate homes. The Property is 99.1% occupied and over $1.6MM in capital improvements have been made in the last 8 years. Residents enjoy the Property’s stunning community amenities, including: a 24-hour fitness center, an outdoor pool, an outdoor great room, a dog park, 24/7 package kiosk, walking trails, and sport courts for: basketball, and tennis. The Tealwood Apartment Homes is an impressive community located in a robust market with easy access to top employers, shopping, and freeways.

Location

Located in Hennepin County, Bloomington is the fourth largest city in Minnesota and has more jobs per capita than either Minneapolis or St. Paul. Many noteworthy businesses have located their headquarters in Bloomington, including Ceridian, Donaldson Company, HealthPartners, Toro, and Thermo King. Bloomington also hosts major operations for Pearson, General Dynamics, Seagate Technologies, and Express Scripts. Bloomington’s primary attraction is the Mall of America, the largest shopping center in the United States. The city has built thousands of hotel rooms and other infrastructure to support the millions of tourists who visit the Mall every year. Abundant green space provides a counterbalance to Bloomington’s robust commercial activity: a third of the city’s footprint is comprised of reserved park land. Bloomington residents enjoy the great schools and the convenient access to Interstates 35W and 494, as well as the Minneapolis-St. Paul Airport.

Highlights

Premier Location
• Highly Desirable Southwestern Suburb
•  Top-Rated West Bloomington Schools
• Directly across from Lunds & Byerlys Grocery Store
• Adjacent to Hyland Greens Golf Course
• 2.5 Miles to Interstate 494

Value-Add Opportunity
• Strong In-Place Income
• Loss-to-Lease Opportunity
•  Upside Potential through Interior Upgrades
• Over $1.6MM in Capital Improvements Since 2014
•  100% RUBS Opportunity (Ownership discounts RUBS by 15%)

 

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