Past Sales

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    Bustling, Urban, Infill LOCATION
    • Winner of "Best Art District" in America - (USA Today 2015)
    • #3 City in America for Beers Lovers - (Travel & Leisure 2013)
    RARE OPPORTUNITY to purchase modern multifamily in NE Minneapolis
    • Opportunity to purchase a Class A property below replacement cost
    • Only two market rate apartment buildings built since 1990 (rents at $2.00 psf)
    • Northeast Minneapolis is the “new Uptown” but with far fewer apartment buildings
    Incredibly Large FLOORPLANS
    • 1101 on Main has an average unit size that is 40% larger than the competition
    • Demand for larger units is increasing as millennials get married and start families
    • Nearly all units have a minimum of 1.5 bathrooms and a dedicated laundry room
    Major Upside in RENTAL INCOME
    • Current lease rates are below market while including underground parking and all utilities except electric.
    Strong demand FUNDAMENTALS
    • Proximity to Downtown Minneapolis (160,000 jobs) and the University of Minnesota (22,000 jobs)
    • Endless neighborhood amenities
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Sold
1101 on Main
52 Units
1101 Main St NE
Minneapolis, MN  55413
Type: Fractured
Closed: 4/1/2016
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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Sold
Century Commons
153 Units
3515 Century Ave N
White Bear Lake, MN  55110
Type: Student

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.

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Sold
Kenwood Village
83 Units
1515 Kenwood Avenue
Duluth, MN  55811
Type: Conventional
Closed: 12/14/2018
Cushman & Wakefield is pleased to present for sale the Richfield Apartment Portfolio, a 3 Building, 40-unit value-add opportunity in the vibrant 494 Corridor of western Richfield, MN. Long-term ownership has maintained the buildings with care and now offers investors the opportunity to acquire the portfolio or individual assets.

The properties are located near the Best Buy Headquarters with the addresses 7421 Penn Ave S, 7412 Oliver Ave S, and 7428 Lyndale Ave S and contain 11, 11, and 18 units respectively. The apartments’ prime location gives residents easy access to public transit, interstate 494, Southtown Shopping Center, Target, Hobby Lobby, and many dining options.

Ideally located in Richfield’s 494 corridor, just off Interstate 35W, the Richfield Apartment Portfolio is a true value-add opportunity with legitimate immediate upside. The unit-mix is predominantly one-bedrooms with large floor plans. The average in-place rent is currently 5-12% below comparable properties in the sub-market, and renovated units nearby are achieving 20% rent premiums. This allows opportunistic investors the ability to capture their desired returns through implementing a “light” in-unit and common area renovation plan.

The Richfield Apartment Portfolio is offered free and clear of existing financing and tours will begin the week of May 1st. Please contact Lance Steiger directly to set up a tour, which will be scheduled by appointment only.
...
Sold
Richfield Portfolio (2 properties, 40 units)
Lyndale
18 Units
7428 Lyndale Ave S
Richfield, MN  55423
Closed: 7/10/2019
Cushman & Wakefield is pleased to present for sale Nicollet Apartments, a 29-unit value-add opportunity in the vibrant neighborhood of Kingfield in Southwest Minneapolis.

The property is located just off I-35W on the bustling street of Nicollet Avenue. Nicollet Apartments’ prime location gives residents easy access to everything. The property is located minutes from Downtown, Uptown, Lake Harriet, Lake Calhoun, Midtown, and Lake Nokomis. Located in the thriving Kingfield neighborhood, the property is steps from locally acclaimed restaurants including Grand Café, Victor’s 1959 Café, Blackbird Café, Patisserie 46, Revival, Tap Society, and the Kingfield Farmers Market.

Nicollet Apartments is a true value-add opportunity with legitimate immediate upside. The unit-mix is predominantly three-bedrooms with large open floor plans and vinyl plank flooring in select units. The average in-place rent is currently 20% below comparable properties in the sub-market, allowing opportunistic investors the ability to capture their desired returns through implementing a “light” in-unit and common area renovation plan.

Nicollet Apartments is offered free and clear of existing financing and tours will begin the week of April 29th. Please contact Robert Dulin directly to set up a tour, which will be scheduled by appointment only.
...
Sold
Nicollet Apartments
29 Units
4429 Nicollet Ave S
Minneapolis, MN  55419
Type: Conventional
Closed: 8/2/2019
Cushman & Wakefield is pleased to present for sale the Richfield Apartment Portfolio, a 3 Building, 40-unit value-add opportunity in the vibrant 494 Corridor of western Richfield, MN. Long-term ownership has maintained the buildings with care and now offers investors the opportunity to acquire the portfolio or individual assets.

The properties are located near the Best Buy Headquarters with the addresses 7421 Penn Ave S, 7412 Oliver Ave S, and 7428 Lyndale Ave S and contain 11, 11, and 18 units respectively. The apartments’ prime location gives residents easy access to public transit, interstate 494, Southtown Shopping Center, Target, Hobby Lobby, and many dining options.

Ideally located in Richfield’s 494 corridor, just off Interstate 35W, the Richfield Apartment Portfolio is a true value-add opportunity with legitimate immediate upside. The unit-mix is predominantly one-bedrooms with large floor plans. The average in-place rent is currently 5-12% below comparable properties in the sub-market, and renovated units nearby are achieving 20% rent premiums. This allows opportunistic investors the ability to capture their desired returns through implementing a “light” in-unit and common area renovation plan.

The Richfield Apartment Portfolio is offered free and clear of existing financing and tours will begin the week of May 1st. Please contact Lance Steiger directly to set up a tour, which will be scheduled by appointment only.
...
Sold
Richfield Portfolio (2 properties, 40 units)
Penn & Oliver
22 Units
7421 Penn Ave S & 7412 Oliver Ave S
Richfield, MN  55423
Closed: 7/10/2019