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Balsam Grove
   
852 8th Lane
Anoka, MN  55303
Type: Condo Conversion - Fractured
CLOSED 3/31/2016

Cushman & Wakefield/NorthMarq is pleased to present Century Commons, a premier value-add investment opportunity. The property offers 153 student bedrooms (39 units) directly adjacent to Century College, Minnesota’s largest two-year community and technical college (11,000 students). Investors are offered the opportunity to acquire a strategically located, well-maintained student housing property with substantial value-add potential through kitchen renovations and light common area upgrades.

Century Commons provides students with a unique living environment that cannot be replicated in the marketplace. Furnished units are rented by-the-bedroom with lease structures catering to the academic calendar. Amenities appeal to the unique needs of students and include wireless internet, study lounge with computers and snack machines, controlled entry, video surveillance system and barbeque area.

Future ownership will be able to build on a multi-year year track record of NOI growth and benefit from a captive audience of student renters. Low long-term interest rates, continued rent growth and minimal ongoing capital requirements will make Century Commons a solid investment with strong cash-on-cash returns.

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Century Commons
153 Units
3515 Century Ave N
White Bear Lake, MN  55110
Type: Student
Sold
Cloman Apartments
8 Units
7575 & 7585 Cloman Way
Inver Grove Heights, MN
Type: Conventional
Sold
Colony Park
24 Units
1425 Bidwell Street
West St Paul, MN  55118
Type: Conventional
December 2014
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Grotto Apartments - 2014
11 Units
996 Grotto St N
St. Paul, MN  55103
Type: Conventional
December 2012
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Grotto Apartments 2012
11 Units
996 Grotto St N
St. Paul, MN  55103
Type: Conventional
$14,000,000 or $129,629/unit
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Montcalm Estates
108 Units
525 Lexington Pkwy S
St. Paul, MN  55116
Type: Conventional
Sold
Northern Star Apartments
36 Units
800 26th St NW
Bemidji, MN  56601
Type: LIHTC
Sold
Paragon Apartment Homes
216 Units
Sold
Roseville Arms
34 Units
160 Elmer St
Roseville, MN  55113
Type: Conventional
$1,100,000
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Ryan Lake Apartments
22 Units
3401 47th Ave N
Brooklyn Park, MN  55422
Type: Conventional

Cushman & Wakefield is pleased to present for sale, Sommerset Place Apartments, a 36-unit value-add opportunity in a tranquil pocket of Brooklyn Center, just off Highway 100 and next to Centerbrook Golf Course.

The property is located in a quiet residential neighborhood on the South side of Lions Park and steps from Shingle Creek and the Shingle Creek Regional Trail. Sommerset Place is also conveniently located minutes from Target, Walmart Super Center, Cub Foods, CVS Pharmacy, LA Fitness and numerous national and local restaurants. The property is just 10 minutes north of downtown Minneapolis and five minutes from both Brooklyn Center High School and Middle School.

Sommerset Place is a true value-add opportunity with legitimate immediate upside. The unit-mix is predominantly 2-Bedroom units and the average in-place rent is roughly $885/Month. Comparable properties in the submarket are renting 2-Bedroom units for $1,100/Month (see rent comps on Page 37 of OM), which is achievable at Sommerset Place by implementing a light in-unit renovation plan. The current vacancy rate in the city of Brooklyn Center is just 2.0% and the area is in high demand given its close proximity to downtown Minneapolis and other local attractions.

Sommerset Place is offered free and clear of existing financing and tours will begin the week of September 5th, 2018. Please contact Robert Dulin directly to set up a tour, which will be scheduled by appointment only.

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Sommerset Place
36 Units
5301 Russell Ave N
Brooklyn Center, MN  55430
Type: Conventional

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.

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The Central
49 Units
3503 2nd Ave South
Minneapolis, MN  55408
Type: Conventional
*****Sold*****
    Value-add opporuntity in the vibrant West Side Neighborhood of St. Paul
    • Property boasts a walk score of 80 with a variety of shops and restaurants in close proximity
    • Current rents are roughly 15%-20% below market
    Excellent location, 1 mile south of Downtown St. Paul
    • Located minutes from Harriet Island and next door to the Wabasha Street Caves
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Wabasha Apartments
20 Units
424 Wabasha Street South
St. Paul, MN  55107
Type: Conventional
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Westminster Court
64 Units
1225 Westminster St
St. Paul, MN  55130
Type: Conventional