Albertville Meadows Apartments

Colliers is pleased to present Albertville Meadows, a perfectly situated 75-unit apartment community built in Albertville in 1993 along I-94 in the ever-growing northwest submarket of the Twin Cities. As part of the LIHTC program, Albertville Meadows benefits from Minnesota’s new affordable class rate and a strong, stable tenant base, as evidenced by its 98.67% occupancy rate.

Albertville is home to strong demographics and amenities that appeal to both renters and investors alike. The city’s population has grown an impressive 126.4% since 2000 to 8,164. Their workforce is fully employed with a 0.4% unemployment rate generating average household incomes of $123,218. Families can proudly send their kids to St. Michael-Albertville (STMA) School District, which ranks in the top 5% in Minnesota. To round out this family-oriented community, residents enjoy the countless restaurants and stores in and around the Albertville Premium Outlet Mall, including Nike, lululemon, The North Face, and Ulta Beauty.

As the city of Albertville continues to grow, the value-add potential becomes increasingly appealing. Many of the community’s major structural and mechanical components were upgraded during a 2011 property-wide rehab. This included, but is not limited to, new siding, windows, doors, flooring, and appliances. Currently, in-place rents are $242 per unit below the max allowable after factoring in utility allowances, providing plenty of room to increase rents after renovating the now 14-year-old units. The nearest partially renovated comparable property, Monticello Village, sits 9 miles northwest - 13 minutes further from downtown Minneapolis - and is achieving $149 higher rents than Albertville Meadows on average.

Given the area’s rapid growth, past capital improvements, and Minnesota’s newly implemented affordable class rate, new ownership has the rare optionality to either continue operating the community as-is or expand upon previous upgrades by renovating the units via cash flow or a resyndication. Albertville Meadows represents a multifaceted, outsized investment opportunity, benefiting from the location’s strong economic foundation and above-average growth potential.