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Glenfield Park Estates

Glenfield Park Estates

8585 NE Groveland Ct.  /

Property Details

Price:
Property Type Multifamily
Total Lot Size: 22.82 Acres
Year Built: 2023
Number of Units: 152
County: Anoka

Description

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.”

Location

Blaine, nestled in the northern suburbs of the Twin Cities, boasts a robust economy and family-friendly environment that has fueled its population growth. Here are some key highlights of this thriving city: Economic Stability: Blaine boasts a strong and stable local economy. It is home to various businesses, including retail, manufacturing, and technology companies, which provide a diverse economic base. Rapid Population Growth: Blaine has experienced a population growth of over 20% since 2010. This rapid increase has led to higher demand for housing, industry, and services, driving economic development. Proximity to the Twin Cities: Located in the Minneapolis-St. Paul metropolitan area, Blaine benefits from its proximity to major economic and cultural hubs. This accessibility attracts businesses and residents looking for suburban living with easy access to urban amenities. Excellent Public Schools: The city boasts excellent public schools, served by three highly ranked school districts: Anoka- Hennepin, Centennial, and Spring Lake Park. These districts are known for their strong emphasis on academic achievement, making the community an ideal place for families prioritizing quality education. Recreational Activities: Blaine offers a wide range of recreational activities including hiking and biking trails, a water park, golf courses, and camping facilities. Additionally, the area’s numerous lakes provide opportunities for fishing, boating, and paddleboarding, enhancing the community’s appeal for outdoor enthusiasts. Infrastructure Development: The city has invested in infrastructure development to accommodate its growing population. This includes improvements in transportation, utilities, and public services, enhancing the overall quality of life. Business-Friendly Environment: Blaine has a reputation for being business-friendly, with a supportive local government that encourages economic development and investment.

Highlights

Rapid Lease-Up Performance
Glenfield Park is demonstrating exceptional market performance, achieving a remarkable 96.7% occupancy rate within just 10 months of completion. This swift lease-up underscores the property’s strong appeal and strategic positioning, solidifying its status as a top performer in the market.

Sought-After Submarket
The city of Blaine has experienced over 20% population growth since 2010, driven by its desirable qualities. It offers a unique blend of suburban tranquility, excellent schools, and appealing recreational amenities. Additionally, its convenient access to major highways makes it an attractive choice for families and professionals seeking a balance between urban accessibility and suburban lifestyle.

Garage Parking Upside
Glenfield Park presents a significant opportunity for immediate income growth through the introduction of garage parking fees. Currently, each lease includes one free garage stall, whereas
competing properties charge between $75 and $100 for similar parking arrangements.

Broader Implementation of RUBS
There is an opportunity for new ownership to expand the implementation of the Resident Utility Billing System (RUBS). Currently, gas and heat costs are not billed back to residents, presenting an opportunity to improve cost recovery and enhance the property’s financial performance.

Resort-Style Amenities
Glenfield Park epitomizes suburban, luxury living with its resort-style amenities. The landscaped gardens, pristine swimming pool, state-of-the-art fitness center, and exclusive clubhouse all reflect a commitment to sophistication and comfort.

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