Recently completed in 2020, the Overland Apartments offers residents access to a best-in-class amenity package including a 24/7 fitness center, rooftop community lounge and deck with panoramic views of the city, heated parking garage, and on-site co-working space. The property also includes 4,200 SF of 1st floor commercial space available for lease.
The property currently sits at 98% occupied and provides investors the opportunity to assume the current loan with attractive terms.
Located in one of Minneapolis’ most vibrant areas, Overland offers residents a high quality of life with many long-term residents, established bakeries, coffee shops and neighborhood restaurants with close proximity to Target Field, Target Center, U.S. Bank Stadium, the Theater District, and the Central Business District.
Overland Apartments are a rare opportunity to acquire a newly constructed, best-in-class multifamily asset in a desirable community with attractive assumable debt.
Minneapolis, MN 55406
Tucked between downtown and the Mississippi River, the Cedar-Riverside neighborhood is a highly walkable area that boasts a vibrant artist community, dozens of live performances and musical venues, as well as many restaurants, cafés, and bars. The neighborhood is part of the University community and is dominated by the West Bank campus of the University of Minnesota's Minneapolis campus in addition to the M Health Masonic Children's Hospital and the entire M Health Fairview University of Minnesota Medical Center - West Bank system. The property is also near Augsburg College with easy access to I-94 and I-35W.
The property currently boasts 100% occupancy and provides a lucrative value-add opportunity for the next investor by completing in-unit renovations and raising rents 15-20% to be more in line with comparable properties in the desirable South Minneapolis area for well below replacement costs.
Park 708 is available on an “as-is” basis and is being offered without a formal asking price. Upon receipt of a signed Confidentiality Agreement, investors will be provided with access to due diligence materials via The Multifamily System website. Once investors have had an opportunity to review the offering materials and tour the property, Cushman & Wakefield will schedule a “Call for Offers”.
Minneapolis, MN 55454