The Cliffs of Minnetonka

Michel Commercial Real Estate is pleased to present an exclusive listing for the sale of The Cliffs of Minnetonka (the “The Cliffs”), a sprawling 456-unit apartment community. This rare offering is for sale for the first time. Built in 1985, this community features spacious units, open concept living, in-unit washers and dryers (322 units), heated underground parking, and resort-style amenities. The Cliffs is located in the city of Minnetonka, one of the most desirable suburbs in the Twin Cities, and situated in the top-rated Wayzata School District. The Cliffs is bordered by residential communities to the north and a robust commercial area directly to the south. Ridgedale Center Mall, one of the busiest malls in the Twin Cities, is just a five-minute drive away and features 108 stores (1.1 million square feet of retail space). Downtown Minneapolis is less than ten miles away via direct route on Interstate 394, which is less than a block from The Cliffs’ entrance. The Cliffs of Minnetonka is a value-add investment opportunity and is well positioned for accelerated rent growth through interior upgrades in the apartment units. The property is 96% occupied and over $1.5MM in capital improvements have been made to the common areas within the last year. Offered free and clear of existing debt, this property is a high yield investment opportunity when coupled with today’s attractive financing options. The Cliffs of Minnetonka is a rare jewel of a property that was built to be a showstopper and is located in a high barrier of entry market with easy access to top employment sectors, shopping, and freeways.

Minnetonka is an affluent community located in Hennepin County and has a population of over 54,000—a 9.4% increase since 2010—and an average household income of over $135,700 per year. As of October 2021, the median home value is $425,500 and the unemployment rate is 3.3%. The city of Minnetonka is well known for its top-rated schools, numerous parks and lakes, and a strong economy with an educated workforce. Minnetonka is home to the global headquarters of two major businesses: Cargill and UnitedHealth Group. Cargill is a privately held global food corporation with $134.4 billion in annual revenues. UnitedHealth Group is a publicly held, multinational, managed healthcare and insurance company with $257.1 billion in annual revenues.