Bristol Village is a Class-B Multifamily community with 290 apartments and a common clubhouse with a pool and fitness center. The investment action plan is to renovate the units and upgrade the common area amenities over a three-year period. The price point for post renovation rents is very attractive within the competitive set, and the projected NOI growth offers attractive returns to investors.
The property is located in Bloomington, Minnesota, a suburb to the southwest of downtown Minneapolis and three miles south of Interstate 494, the leading suburban office employment corridor, which includes large corporate headquarters of major companies such as Best Buy, U.S. Bank, and FedEx. The sub-market possesses attractive demographics based on median income and the quality of local schools.