Minneapolis Office

A historical building, originally built in 1889 and newly renovated in 2021, Red Mill Apartments is a well-appointed multifamily property featuring spacious (average of 1,322 SF) one, two, three, and four-bedroom units. All units include new kitchens, bathrooms, flooring, concrete patios, mechanicals, and a new roof. The property includes 12-off street parking spaces and in-unit washers and dryers.

The property is located in the Dayton’s Bluff neighborhood, a picturesque and scenic area of town high above the Mississippi with historical and architectural charm. The property is a short walk to the local bus line and ideally situated near Interstates 94 and 35W offering convenient access to all of St. Paul and the Twin Cities.

Red Mill Apartments represent a prime opportunity to acquire a fully-renovated, highly sought after, stabilized property at a significant discount to replacement cost.

The property is well-maintained and owned by the original developer. 29 of the 150 units are fully renovated with kitchens and bathrooms allowing future ownership to continue in-unit renovations and expand the rent growth potential as the units turn.

Lamplighter Village is ideally located close to McCarrons Park and just minutes away from Como Park with a wide variety of restaurants in walking distance. In addition, the property is close to the Mississippi River, major freeways, public transportation, and both St. Paul and Minneapolis’ Central Business Districts.

Lamplighter Village represents a prime opportunity to acquire a well-maintained asset with strong historical occupancy, using attractive debt options and the potential to significantly reduce property taxes through the St. Paul 4D Program.

Newly completed in 2021, the Eastview Apartments is a well-appointed multifamily property featuring spacious (over 1,500 SF) three-bedroom, two-bathroom units with separate utilities. All units include LVP flooring, stainless steel appliance packages, and quartz countertops.

The property is located just off I-94 and is an 8-minute drive to downtown St. Paul offering convenient access to major employment centers. The property is also ideally situated near the eastern suburbs of Maplewood, Oakdale, and Woodbury with easy access to 3M headquarters, a multitude of shopping opportunities, and the rest of the Twin Cities. The Eastview Apartments is also within walking distance of the bus line.

The Eastview Apartments represents a prime opportunity to acquire a newly constructed, highly sought after, stabilized property at a significant discount to replacement cost.

The Eastview Apartments can be purchased together with Red Mill Apartments or separately.

Newly converted to apartments in 2019, R7 Lofts is a historic, turn-of-the-century building offering oversized one, two, and three- bedroom loft-style luxury units. Each apartment is equipped with SMART technology features, has central air conditioning, custom shades and blinds, a designer lighting package, full-sized washer and dryer, stainless steel appliances, and quartz countertops.

The property also features high-end community amenities including a business center, car wash, fitness center, pet wash, roof deck, rooftop lounge, among others.

R7 is located in the Lowertown/Art’s District of Downtown St. Paul. A vibrant artists' quarter with a Walk Score of 97, residents at R7 Lofts are within walking distance to Lunds & Byerlys, dozens of breweries, restaurants, and CHS field. In addition, the property is close to the Mississippi River, major freeways, public transportation, and both St. Paul and Minneapolis’ Central Business Districts.

R7 Lofts represents a prime opportunity to acquire brand new, high-end apartments at a steep discount to replacement cost.

Originally built in 1925, Alden Apartments offers studio and 1-bedroom units with classic brownstone charm paired with modern conveniences. Fully renovated in 2018, all units include updated plumbing, hand tiled bathrooms, and kitchens featuring new stainless steel appliances, hardwood floors, cabinetry, and quartz countertops. In addition, all common area spaces including the kitchen area, fitness center, lounge, and workspace have been fully modernized. The property also includes 3,200 SF of 1st floor commercial space available for lease which can provide the next investor additional revenue.

The property is located in south Minneapolis with North Loop, Loring Park, and downtown Minneapolis all within arm’s reach. It is in close proximity to Target Field, Target Center, U.S. Bank Stadium, the Theater District, the Central Business District, and all Minneapolis has to offer.

The Property is centrally located off Interstate 94 on the east side of the Mississippi River in the southeast part of the city just minutes from Downtown St. Paul. The Property has access to major freeways, plenty of shops, restaurants, parks, and local businesses nearby as well as major employment centers in both Downtown St. Paul and Downtown Minneapolis.

English Street Apartments have been well-maintained, can be acquired at a significant discount to replacement cost, and offer an investor the opportunity to implement a value-add program. In addition, future ownership has the option to enter the 4d Affordable Housing Incentive Program which offers rental owners one-time administrative grant assistance as well as 10-year qualification to the “4d” property tax classification for rental units preserved for low/moderate-income households for that same period. This 4d, or “low income rental” classification (“LIRC”) provides for up to a 40% reduction in those 4d units’ assessed rate assessed to the portion of units committed to 4d preservation.

For loan quotes, contact a Greystone Team Member:

Kyle Jemtrud
Managing Director | Greystone
561.601.4500
[email protected]

The property offers direct access to an eclectic mix of hip bars and eateries, breweries, and coffee shops as well as recreational amenities at the Mississippi riverfront and Boom Island with close proximity to Target Field, Target Center, U.S. Bank Stadium, the Theater District, and the Central Business District.

Current ownership has completed extensive renovations of both exterior and interior elements over the last several years. All units are “best-in-class” and feature new cabinets, granite countertops, subway tile backsplash, LVT flooring as well as full bathroom remodels that include new tubs, tile, vanity, toilets, and lighting.

The property is located just off Interstate 35E and minutes from Como Park, home to the Como Zoo and Conservatory, with convenient access to both Downtown St. Paul (2.5 miles) and Downtown Minneapolis (11 miles).

The property is currently 100% occupied, sees low turnover, has strong, consistent cash flow, and provides a lucrative value-add opportunity for the next investor to complete a light unit-interior renovation and other common area/exterior renovations.

1220 Sylvan Street 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”.

In addition to the stabilized asset, an investor has the opportunity to purchase the fully-entitled, 84-unit multifamily development site adjacent to Sawyer & Huck. The 27,439-square-foot site is located on two adjacent parcels directly next door to Sawyer & Huck. The fully-approved project is primed and ready to begin construction in March 2022 with a delivery in Spring 2023. Please see the Offering Memorandum Supplement for details.