Featured Listings
Michel Commercial is pleased to present the Kestrel Park Townhomes, a 30-unit, affordable (Section 42) community in Glencoe, MN. This well-maintained property offers a desirable mix of spacious two- and three-bedroom townhomes, featuring open layouts, convenient amenities, such as dishwashers and in-home washers and dryers, attached garages, and private patios. All 30 townhomes (100%) are designated to serve residents at 60% of the median area income until the expiration of the LURA contract on 12/23/2029.
Kestrel Park Townhomes are located in close proximity to numerous local amenities, including Oak Leaf Park, which features walking trails, a disc golf course, and scenic views of Buffalo Creek. The property is also less than a mile from Glencoe-Silver Lake Schools, making it an ideal location for families. Kestrel Park is situated just minutes from U.S. Highway 212, which provides quick connections to the western suburbs and the Twin Cities, with downtown Minneapolis reachable in under an hour. This easy access to major transportation routes enhances the townhomes’ appeal for residents seeking regional connectivity.
With a history of high occupancy, recent capital improvements (including new roofs), Kestrel Park Townhomes offers reliable and consistent returns. The upcoming change in the Low-Income Rental Classification (LIRC) tax rate to 0.25%, effective January 1, 2025, further enhances its appeal as an excellent addition to any investment portfolio.
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Michel Commercial presents the Richfield Portfolio, featuring three unique properties with a combined total of 236 apartment homes. These properties are available for purchase individually or as a portfolio.
Portfolio Overview
Located in the first-ring suburb of Richfield, MN, this portfolio offers a desirable mix of one- and two-bedroom apartment homes along with spacious three-bedroom townhomes. Each property features surface and garage parking, an outdoor pool, gathering spaces, and convenient on-site laundry facilities. Many of the properties have seen recent updates, including newer roofs, boilers, and decks. These properties have been well-maintained under the long-term ownership and management of the award-winning Highland Management Group. They were originally developed by Highland and are now being offered for sale for the first time.
Prime Location
The Richfield Portfolio is ideally situated near some of the Twin Cities’ most popular attractions, including the Minneapolis-St. Paul International Airport and the Mall of America. Residents enjoy the convenience of nearby shopping options such as Walmart, Sam’s Club, and Target. Outdoor enthusiasts have access to Wood Lake, Richfield Lake, Veterans Parks, and the Mississippi River, all just a short drive away. With easy access to Interstates 494, 35W, and MN 77, residents can easily navigate the metro area, connecting to top employers and entertainment destinations.
Investment Potential
These properties offer a compelling value-add investment opportunity with strong potential for rental growth through interior upgrades. Recent renovations in nearby, like-kind properties have driven up rental rates and maintain strong occupancy. With their prime locations and proven historical performance, this portfolio provides investors a unique opportunity to capitalize on the momentum of a growing submarket while positioning each property for continued NOI growth.
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The Groveland Terrace Apartments is an 18-unit property located on the prestigious Grand Avenue in St. Paul, MN. This well-maintained property offers a desirable mix of spacious one- and two-bedroom apartments, featuring on-site laundry and coveted off-street parking. Residents also enjoy easy access to nearby walking and biking trails, making it a perfect location for an active, urban lifestyle.
Situated in the highly sought-after Macalester-Groveland neighborhood, the property is within walking distance of a Metro Transit Route 63 bus stop, along with numerous restaurants and shops. It is less than a mile from both Macalester College and the University of St. Thomas, and just a mile from the nearest Green Line stop on University Avenue.
Conveniently located, the Groveland Terrace Apartments is five miles from downtown St. Paul and seven miles from central Minneapolis, offering easy access to both cities. Residents also benefit from proximity to Interstates 94 and 35E, ensuring excellent regional connectivity.
With a strong track record of high occupancy and solid in-place income, the Groveland Terrace Apartments offers reliable and predictable returns, making it an attractive investment in a prime location.
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Michel Commercial is pleased to present the Stinson
Apartments, a 17-unit apartment building in Columbia
Heights, Minnesota. The Stinson Apartments is comprised of
one- and two-bedroom apartments with on-site laundry as
well as garages (12) and off-street parking.
The Stinson Apartments is located in Columbia Heights, a
first-ring suburb. The property is within walking distance of
Prestemon Park, Silver Lake Beach, Cub Foods, and a major
commercial hub, including Target and Menards. Stinson is
1.7 miles from central Columba Heights, including the iconic
Heights Theater and the CH Metro Transit Center, and 6
miles from central Minneapolis. Residents enjoy easy access
to Interstates 35W and 94 and Minnesota State Highways
47 and 65.
The Stinson Apartments is an ideal value-add investment
opportunity, with solid in-place income and substantial
rental growth potential through interior upgrades. The
property is well maintained and conveniently located in a
submarket showing strong rent growth. With its comfortable
apartments, proximity to urban amenities, and easy access
to freeways, the Stinson Apartments presents an appealing
investment opportunity and provides residents with a place
they can proudly call “home.”
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Michel Commercial is pleased to present a two-property portfolio
in St. Paul, consisting of 62 apartment homes. Both properties boast
a history of strong occupancy and feature a desirable mix of studio,
one-bedroom, and two-bedroom homes. Residents enjoy on-site
laundry facilities, dishwashers (in the two-bedroom homes) and the
convenience of both garage and surface parking. The 44 Arlington
and 578 Galtier Apartments, being sold by long-time owners, can be
sold together or separately.
The 44 Arlington and 578 Galtier Apartments are conveniently
located in the heart of St. Paul, MN. Just a short distance from
the bustling downtown area, residents enjoy easy access to the
city’s vibrant community center, library, and primary shopping
districts. The properties are situated only a few miles from the state
capitol and the scenic banks of the Mississippi River. This prime
location offers residents quick access to major highways, including
Interstates 94 and 35E, providing the perfect blend of urban
convenience and natural beauty.
This St. Paul portfolio has been well-cared for and is poised for
continued rent growth through interior upgrades, in line with the
rent control ordinance. With their convenient locations, wellmaintained
conditions, and rental upside potential, the 44 Arlington
and 578 Galtier Apartments present an attractive investment
opportunity.
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Michel Commercial is pleased to present an exclusive listing for the
sale of the Glenfield Park Estates, a 152-home, new construction, luxury
apartment complex in the second-ring Twin Cities suburb of Blaine.
Completed in 2023, Glenfield Park was developed by the highly regarded
Kuepers Architects & Builders. Each of Glenfield Park’s well-appointed
units features an open-concept layout, a private balcony, stainless steel
appliances and a breakfast bar in the kitchen, in-unit laundry, and luxury
flooring throughout. An indoor, ground-level parking space is currently
included in the resident’s rent. The complex is rich with desirable
amenities, including a fitness center, a theater, a resort-style outdoor pool
and grilling station, a children’s play area, an elevator, and more.
Glenfield Park is just ten minutes from the National Sports Center and
the Village of Blaine Shopping Center and fifteen minutes from luxury
golf course TPC Twin Cities, three of Blaine’s premier destinations.
Lakeside Park at Spring Lake and Laddie Lake Park are both within two
miles of the property, as is the Anoka County-Blaine Airport. There is a
commercial hub less than four miles away, including Target, Menards, and
restaurants. Glenfield Park offers quick access to Highways 10 and 65
and is within 16 miles of both central Minneapolis and downtown St. Paul.
Glenfield Park Estates is a turn-key investment opportunity in one of
the fastest-growing suburbs in the Twin Cities. Offering modern, luxury
living in a prime location, below replacement costs. This property and
location combine the best of both suburban and urban amenities, offering
easy access to popular destinations, green spaces, and freeways. This
stunning newly constructed property is a standout and a place residents
are proud to call “home.”
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Michel Commercial is pleased to present the Sunset Ridge
Apartments, a 105-home apartment complex located in Fergus
Falls, Minnesota. Built in 2015, Sunset Ridge was developed
by the highly regarded Kuepers Architects & Builders, and has
a desirable mix of one- and two-bedroom homes with open
concept living rooms, attractive cabinetry, dishwashers, individual
climate control, and detached garages. Community amenities
include a fitness room, a community room, an outdoor grilling
station, a play area for children, and laundry facilities.
Sunset Ridge is located in Fergus Falls, a community known
for its scenic beauty and green spaces. Sunset Ridge is just
five minutes from the nearest Walmart and less than four miles
from the city’s reputable elementary, middle, and high schools.
The property is less than ten minutes from central Fergus Falls,
including shopping, dining, the library, an award-winning hospital,
and several riverfront parks, and less than fifteen minutes from
Pebble Beach and the northern terminus of the 55-mile Central
Lakes Trail. Residents enjoy easy access to Interstate 94 and
Minnesota State Highway 210.
Sunset Ridge Apartments is a turn-key investment opportunity
in a community with stable rental demand. The property has a
high occupancy rate, offering robust in-place income. With its
desirable amenities, convenient location, and easy access to
incredible green spaces, Sunset Ridge Apartments presents an
appealing investment opportunity and provides residents with a
place they can proudly call “home.”
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Michel Commercial is pleased to present the Pleasant Court
Apartments, a 58-home apartment complex located in Park
Rapids, MN. Built in 2013 and 2016 by the highly regarded
Kuepers Architects & Builders, Pleasant Court has a desirable mix
of one-, two-, and three-bedroom homes. Each home has open
concept living rooms, attractive cabinetry, dishwashers, individual
air conditioning, and detached garages. Community amenities
include a fitness room, a community room, an outdoor grilling
station, a play area for children, on-site laundry facilities, and an
elevator in one of the buildings.
Pleasant Court is located in Park Rapids, MN, a community
known for its abundance of green space and outdoor recreation
opportunities. Pleasant Court is less than half a mile from CHI
St. Joseph’s Health and less than a mile from the many shops,
restaurants, and art galleries of downtown Park Rapids, as well
as several grocery stores. Fish Hook Lake is just five minutes
away, and outdoor enthusiasts can reach Itasca State Park and
Chippewa National Forest in under an hour. Residents enjoy easy
access to US Route 71.
Pleasant Court Apartments presents a turn-key investment
opportunity with a proven track record of high occupancy
rates and solid in-place income. Featuring desirable amenities
and a convenient location with easy access to employment and
recreational opportunities, this property offers investors a unique
chance to capitalize on its strong historical performance and
ongoing NOI growth.
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Michel Commercial is pleased to present the Portland Terrace Apartments, a 68-home apartment complex located in the suburb of Richfield, MN. Built in 1963, Portland Terrace has a desirable unit mix of mostly one- and two-bedroom units with on-site laundry facilities, covered garages (30), and ample surface parking.
Residents of Portland Terrace Apartments appreciate its exceptional connectivity, with easy access to major routes such as Interstate 494, 35W, and Highway 77, enabling seamless travel throughout the Twin Cities. Positioned within a dynamic commercial hub, the property offers convenient proximity to renowned retailers, including Target, Walmart, the Mall of America, and the Galleria. Nature enthusiasts enjoy the nearby Wood Lake Nature Center that boasts three miles of scenic walking trails, boardwalks encircling the lake, observation shelters, docks, a picnic area, and an outdoor amphitheater, providing a haven for outdoor recreation and relaxation.
The Portland Terrace Apartments represents a compelling investment opportunity characterized by significant upside potential. A strategic repositioning, coupled with prompt unit renovations, can yield substantial rent premiums (over $195/unit/month). The property’s convenient location and the demand for housing in the submarket makes the Portland Terrace Apartments a strong investment vehicle.
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Michel Commercial is pleased to present the Parkview Apartments, a 17-apartment home property located in Columbia Heights, MN. This property boasts a history of strong occupancy and features a desirable mix of one- and two- bedroom units. Residents enjoy on-site laundry facilities and the convenience of surface parking.
The Parkview Apartments is located in Columbia Heights, a first-ring suburb of Minneapolis. The property is within walking distance of Gauvitte Park and just two miles from Keyes Park, Sullivan Lake Park, and a major commercial hub, including Target and Menards. Parkview is 1.5 miles from central Columba Heights, including the iconic Heights Theater and the CH Metro Transit Center, and 6 miles from central Minneapolis. Residents enjoy easy access to Interstates 35W and 94 and Minnesota State Highways 47 and 65.
This property presents a prime value-add investment opportunity, strategically positioned to capitalize on rental upside through interior upgrades. The Parkview Apartments is well-maintained and conveniently located in a submarket experiencing strong rent growth. This offering provides investors with a chance to leverage a solid performing property that offers a clear path to NOI growth.
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Michel Commercial is thrilled to introduce the
Champlin Portfolio, a unique offering comprising
two properties located just 0.6 miles apart. With a
total of three buildings and 135 apartment homes,
this portfolio presents an exceptional investment
opportunity. The Riverview Estates and the Sunset
Apartments are for sale for the first time in over
20 years and can be sold together or separately.
These properties feature a desirable mix of one-,
two-, and three-bedroom units as well as community
amenities that include surface and garage parking,
along with convenient on-site laundry facilities.
Additionally, the Riverview Estates offers a spacious
community room, an indoor pool, and an outdoor
playground. The north-facing units, at Riverview,
notably boast scenic river views.
Nestled in the vibrant suburb of Champlin, this
portfolio offers convenient living just minutes from
downtown Champlin and a quick stroll from the
newly revitalized Mississippi Crossings community
area. With easy access to US Route 169 for seamless
commuting, residents also enjoy proximity to strong
job markets, diverse dining options, shopping, and
entertainment. Additionally, Elm Creek Park and
Mercy Hospital are just a few miles away, providing
further convenience and accessibility.
This portfolio presents a prime value-add investment
opportunity, strategically positioned to capitalize on
remarkable rental upside through attractive interior
upgrades. Situated in a high-demand submarket that
has been historically supply constrained, the area is
currently experiencing robust rent growth. Moreover,
there's been a noticeable demographic shift towards
higher-income earners, driving demand for renovated
and modernized properties. This offering provides
investors with a unique chance to leverage these
exceptionally well-located apartment communities
that offer immediate upside potential.
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Sold Properties
$ 126,000,000
Michel Commercial Real Estate is pleased to present an exclusive listing for the sale of The Cliffs of Minnetonka (the “The Cliffs”), a sprawling 456-unit apartment community. This rare offering is for sale for the first time. Built in 1985, this community features spacious units, open concept living, in-unit washers and dryers (322 units), heated underground parking, and resort-style amenities.
The Cliffs is located in the city of Minnetonka, one of the most desirable suburbs in the Twin Cities, and situated in the top-rated Wayzata School District. The Cliffs is bordered by residential communities to the north and a robust commercial area directly to the south. Ridgedale Center Mall, one of the busiest malls in the Twin Cities, is just a five-minute drive away and features 108 stores (1.1 million square feet of retail space). Downtown Minneapolis is less than ten miles away via direct route on Interstate 394, which is less than a block from The Cliffs’ entrance.
The Cliffs of Minnetonka is a value-add investment opportunity and is well positioned for accelerated rent growth through interior upgrades in the apartment units. The property is 96% occupied and over $1.5MM in capital improvements have been made to the common areas within the last year. Offered free and clear of existing debt, this property is a high yield investment opportunity when coupled with today’s attractive financing options. The Cliffs of Minnetonka is a rare jewel of a property that was built to be a showstopper and is located in a high barrier of entry market with easy access to top employment sectors, shopping, and freeways.
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$ 73,500,000
Michel Commercial Real Estate is pleased to present an exclusive listing for the sale of the SpringBrook Apartments, an expansive 361- unit apartment complex featuring 242 detached garage stalls and resort-style common areas. This rare offering is for sale for the first time. Built in 1987, the Property is a value-add investment opportunity and is well positioned for strong rental growth through interior upgrades. A portion of the units have been renovated and serve as a model for the rental growth potential.
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$ 32,800,000
Michel Commercial Real Estate is pleased to present an exclusive listing for the sale of the Tealwood Apartment Homes (“Tealwood” or the “Property”). This sprawling 213- home community was built in 1987 and has a mix of market-rate homes (65% or 138-units) and affordable homes (35% or 75-units). Tealwood features open floor plans, full-size in unit
washers and dryers, heated underground parking, in unit fireplaces, as well as balconies and patios. This Property is beautifully landscaped and boasts luxurious, community amenities.
Tealwood is located in West Bloomington and the Property is surrounded by a blend of residential neighborhoods, parks and golf courses, as well as commercial hubs, including grocery stores and coffee shops. Bloomington is the fourth largest city in Minnesota and home to the Mall of America. Many large companies have chosen Bloomington for their headquarters and major operations, leading to Bloomington’s extremely high number of jobs per capita. Tealwood is served by Bloomington Jefferson High School, which has been named a National Blue Ribbon School of Excellence by the U.S. Department of Education. Interstate
494 is just 2.5 miles away, offering easy access to downtown Minneapolis and St. Paul, as well as the Minneapolis-St. Paul
International Airport.
The Tealwood Apartment Homes is a value-add investment opportunity and is well positioned for accelerated rent
growth through interior upgrades in the market-rate homes. The Property is 99.1% occupied and over $1.6MM in capital improvements have been made in the last 8 years. Residents enjoy the Property’s stunning community amenities, including: a 24-hour fitness center, an outdoor pool, an outdoor great room, a dog park, 24/7 package kiosk, walking trails, and sport courts for: basketball, and tennis. The Tealwood Apartment Homes is an impressive community located in a robust market with easy access to top employers,
shopping, and freeways.
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Michel Commercial is a trusted multifamily brokerage, known for its integrity and track record of successful results. Established by Steve Michel in 1987, Michel Commercial has a strong reputation for extensive marketing and strong industry relationships. The Michel Commercial team are market experts who stay up-to-date with prevailing market conditions and trends. The firm has sold over $2.4 billion worth of apartment properties and regularly receives the “Power Broker Award’ for being among the highest overall in apartment transaction volume in the Twin Cities multifamily market.
The Executive Team
Over 100 Years of Combined Experience
Jesse Thurston
Senior Associate
Jesse, the newest team member of Michel Commercial Real Estate, joining in 2024, has a bac ...
Stacie Mugazia
Executive Assistant
Stacie joined Michel Commercial Real Estate in 2022 after 15 years as a paralegal. She is ...
Steve Michel
President
Steve founded Michel Commercial Real Estate in 1987. He was licensed to sell real estate ...
Peter Michel
Vice President
Peter joined Michel Commercial Real Estate in 1991 and focuses solely on selling multifami ...
Phil Reesnes
Vice President
Phil joined Michel Commercial Real Estate in 2002. Specializing in multifamily housing, Ph ...
Heidi Addo
Vice President
Heidi joined Michel Commercial Real Estate in 2019 after many years of teaching elementary ...
