Greenwood Apartments
Multifamily | 25 Units
Marketing description
Colliers is pleased to present the exclusive opportunity to acquire Greenwood Apartments, a 25-unit multifamily community located in Burnsville, Minnesota. Originally constructed in 1985 as for-sale condominium units, the property offers a mix of one- and two-bedroom floor plans averaging 835 square feet across 2.11 acres. Every unit features an in-unit washer/dryer and private patio or balcony. 23 individual garage stalls provide a reliable ancillary revenue stream and a differentiated amenity within the submarket.
Positioned at the intersection of Highway 13 and I-35W, Greenwood offers residents direct access to the Twin Cities highway network. Downtown Minneapolis is approximately 20 minutes north and MSP International Airport is 15 minutes east. The surrounding commercial corridor includes national retailers, a broad dining and entertainment mix, and proximity to Twin Cities Premium Outlets in adjacent Eagan.
The property is currently 96% occupied with average in-place rents of $1,407 ($1.69 PSF). All units have been upgraded since 2018 with a mixture of new flooring, kitchens, paint, and appliances, completing the renovation program and reducing near-term capital requirements for a new owner.
The Twin Cities multifamily market is acutely supply-constrained, with only 3,747 units currently under construction against annual demand of 6,678 — less than one year of effective supply. Annual deliveries in 2025 totaled 3,632 units, less than one-third of the prior five-year average of 10,275. Greenwood Apartments is well-positioned to capture continued rent growth while delivering stable, day-one cash flow in one of the region’s most established suburban submarkets.
Investment highlights
Attractive Going-In Yield - Greenwood Apartments is offered at a 6.95% cap rate on trailing figures.
Renovation Complete, No Capital Overhang - All units have been upgraded since 2018 with comprehensive interior improvements. Current ownership converted a garage office into a net new 25th unit maximizing revenue potential for a new owner.
Condominium-Quality Product - Originally built as for-sale condos. In-unit laundry, private patios and balconies, and individual garage stalls drive retention and set Greenwood apart from conventional apartment stock.
Affordable Rents. Captive Renter Base - Owning the average Burnsville home costs $2,915 per month — 107% more than renting at Greenwood. At 15.45% rent-to-income, residents aren’t leaving.
Direct Highway Access - Situated at the intersection of Highway 13 and I-35W, residents enjoy direct connectivity to the Twin Cities highway network with Downtown Minneapolis approximately 20 minutes north and MSP International Airport 15 minutes east.
Less Than One Year of Supply - 3,747 units under construction metro-wide against annual demand of 6,678. 2025 deliveries of 3,632 units, less than one-third of the five-year average. Metro occupancy at 94.05% with 4.40% projected rent growth through 2026.
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