Kenwood Village, located in the Duluth Heights/Kenwood neighborhood of Duluth, MN, is a Class A apartment building with 14,000 square feet of first floor retail. The property received its certificate of occupancy in February 2017 and leased up with a high degree of interest from university employees, graduate students and people who recently sold their nearby homes in the Kenwood neighborhood. The strong performance of Kenwood Village can be attributed to its close proximity to the University of Minnesota - Duluth and the College of St Scholastica, superior amenities, access to public transit, nearby shopping and spectacular views.
The retail portion offers long-term leases by Amazon Proof retailers. Three of the four current tenants have signed 10-year leases including Caribou Coffee/Einstein Bagels, Crooked Pint, and Duluth Teachers Credit Union, making up 73% of the retail space. Runa Yoga and Experimac complete the list of current tenants and there is value-add potential in leasing up the remaining 1,082 square feet of vacant space. Other key retailers in this area include SuperOne Foods, Papa Murphys, Arby’s, UPS, Cost Cutters, Erbert’s & Gerbert’s and Walgreens.
Cushman & Wakefield is pleased to present for sale, The Central, a 49-unit “Micro” Multifamily new construction located in a vibrant South Minneapolis neighborhood.
Completed in 2018 and 90% pre-leased upon opening June 1st, The Central was built with state-of-the-art construction while utilizing the highest efficiency standards in the market. The property offers stylish modern layouts with quartz countertops, high-end cabinets, premium wood flooring, stainless-steel appliances and Wi-Fi connected remote access thermostats in all units. The best-in-class amenities at the property are unrivaled to the competition and offer residents a community room with garage door opening to rooftop deck, fitness center, patio with outdoor grill, covered heated parking, heated indoor bike racks/storage, secure package delivery and free Wi-Fi throughout the building.
Centrally located in the heart of South Minneapolis, just off of Interstate 35W at the corner of 2nd Avenue South and East 35th Street, The Central’s prime position gives residents easy access to everything. The property is located minutes from Downtown Minneapolis, Uptown, Lyn-Lake, Eat Street, Lake Harriet, Lake Calhoun, Powderhorn Park, Midtown and Lake Nokomis. The Central is also steps from the thriving “Kingfield” neighborhood with locally acclaimed restaurants including Grand Café, Victor’s 1959 Café, Blackbird Café, Nighthawks Diner & Bar, Hola Arepa, Five Watt Coffee, Kyatchi, Pat’s Tap, Rincon 38 and Butter Bakery Café.
The Central is a unique opportunity to acquire a new construction, best-in-class “Micro” Multifamily asset in a desirable community with limited to no competition of similar properties in this price point.
Riverwalk Townhomes and Flats, located in the historic North Loop Neighborhood of Minneapolis, offers brick and timber design with walkable access to light rail, five Fortune 500 headquarters, nightlife, sports venues and an impressive array of award-winning restaurants. The North Loop is the metro’s highest profile urban neighborhood and its multifamily properties consistently perform at 98% occupancy or better. This Riverwalk offering presents investors the rare opportunity to acquire an irreplaceable North Loop asset with tremendous upside potential through in-unit renovations.
The asset features 40 townhouse style units and 56 flats. All units offer stacked washers/dryers, individual HVAC, exposed brick/timber and high ceilings. The property is offered free and clear of existing financing and bids will be accepted on Wednesday October 4th. Tours will be scheduled Tuesday, Wednesday and Thursday between the hours of 10:00am and 3:00pm, beginning Tuesday, September 12th.