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About
About BCP Portfolio
Cushman & Wakefield is pleased to present for sale, The BCP Portfolio, a 238-unit multifamily property portfolio Ideally located in the historically rich Loring Park area of downtown Minneapolis near Interstate 94.
The Buckingham – 128 Units
The Commodore – 40 Units
The Parkway – 70 Units
The three vintage properties were originally constructed in 1919/1920 and still contain some of the original charming characteristics. The unique living spaces include studio, one, and two-bedroom units featuring multiple finish styles with contemporary lighting, hardwood flooring, and new appliances. While the properties maintain much of their original vintage aesthetic, recent capital improvements completed by current ownership include over $3.1M including renovations to the lobbies, facades, elevators, hallways, amenity spaces, entry courtyards and some apartment units. On-site amenities include an updated fitness center, an indoor pool and spa and a resident lounge area with games.
The portfolio provides a great opportunity for an investor to implement a light value-add program to achieve rent premiums of $125-250 per unit. The properties are also displaying significant rent increases (average of 5.1%) during lease renewals. The portfolio offers the potential to significantly reduce property taxes through the Minneapolis 4D Program as all units throughout the three properties currently qualify.
Properties can be purchased together or separately.
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