Richfield Portfolio

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.

Fondly nicknamed “The Urban Hometown,” Richfield is an innerring suburb and one of the oldest suburbs in the Twin Cities. Richfield is known for it proximity to Minneapolis allowing for diverse job options, quality education, retail and dining, and transportation. Here’s an overview of each of these aspects: Proximity to Minneapolis: Richfield is situated near the heart of the Twin Cities metropolitan area, providing easy access to the cultural, entertainment, and employment opportunities available in Minneapolis. Economic Opportunities: Richfield is home to several major employers like Best Buy and is close to major business hubs in Minneapolis and Bloomington, providing ample employment opportunities. Education: The Richfield Public School District is known for its commitment to quality education, with several schools providing excellent academic and extracurricular programs. Parks and Recreation: Richfield boasts numerous parks, trails, and recreational facilities. Wood Lake Nature Center, Veterans Park, and Taft Park offer outdoor activities like hiking, birdwatching, and sports. Convenient Transportation: The city is well-connected with major highways (such as I-35W and I-494) and public transportation options, making commuting and travel convenient. Retail and Dining: The city has a mix of retail establishments and dining options, providing convenience for residents. Additionally, the nearby Mall of America, one of the largest shopping malls in the United States, offers extensive shopping and entertainment. Overall, Richfield’s economy benefits from its strategic location, corporate presence, small businesses, and educational resources. These factors contribute to the city’s economic vitality and make it an attractive place for businesses and residents alike.