Portland Terrace

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.

Fondly nicknamed “The Urban Hometown,” Richfield is an inner-ring 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.