Ben Michel
@BenMichelCRE
Followers
1,899
Following
957
Media
191
Statuses
1,166
Multifamily Real Estate Investor | $18M Portfolio (w/ investors) | Former Multifamily Broker | Join My Newsletter ⬇️
Joined February 2018
Don't wanna be here?
Send us removal request.
Explore trending content on Musk Viewer
taeil
• 1491311 Tweets
Arlington
• 555794 Tweets
Se o Twitter
• 222613 Tweets
#الهلال_ضمك
• 117031 Tweets
Nvidia
• 72553 Tweets
Alexandre de Moraes
• 70468 Tweets
#CrisMorenaDay
• 53864 Tweets
Walker
• 46451 Tweets
Valência
• 45827 Tweets
Pope
• 44593 Tweets
Vatican
• 41836 Tweets
#ceremoniedouverture
• 38856 Tweets
lali
• 24375 Tweets
البليهي
• 23273 Tweets
Espanyol
• 22134 Tweets
Fireboy
• 21523 Tweets
エヌビディア
• 18165 Tweets
taeyeon
• 13907 Tweets
パリパラリンピック
• 13040 Tweets
焼肉の日
• 11401 Tweets
#AEWDynamite
• 10936 Tweets
Megyn
• 10788 Tweets
Pinned Tweet
A re-introduction to my new followers👏
-36 years old, married with 2 kids
-Based out of Minneapolis, MN
-Spent 10 years as a multifamily broker
-Started real estate investing by buying 2 duplexes in 2017
-My breakthrough moment was the acquisition of a 28-unit in 2021. It was
3
0
49
An interesting concept: A 492 unit apartment complex that is integrated with a 9 hole golf course. The Links At Rainbow Curve, located in Bentonville, AR.
Rents are $775 for a 1BR to $1,005 for a 2BR, and include unlimited golf⛳️
215
109
3K
Circled in red, the Ellipse on Excelsior is a 189 unit apartment complex that sits on 3 acres. In 2023 it will pay $1.01M in property taxes.
The golf course to the right covers 156 acres and will pay $124K in property taxes during the same period.
47
174
2K
A developer just completed converting this Duluth MN high school into 122 unit apartment units.
They bought the building for $3M and proceeded to put another $32M into it.
Makes my $18K/unit renovation project look like child's play
71
58
1K
Cities should welcome real estate development and make it as painless as possible.
The reason is: the city receives a massive long-term income stream from every new project built.
Example: A developer bought 2.4 acres in Uptown Minneapolis to build the 328 unit Daymark
35
61
664
Minneapolis' prettiest building?
The Soo Line Building
Originally an office building circa 1915. A developer picked it up for $11M in 2011 and converted it to 254 apartments.
32
21
636
601 Marquette Ave in Minneapolis. A skyway-accessible commercial building + condos.
What's that on the roof?
A 3-story, 3,700 sf luxury home.
37
30
457
The State of MN just acquired the SoPhi Apartments in Minneapolis.
Bought for $157K per unit - well below the cost to build. I'm actually impressed.
The Department of Human Services will use it to house clients with developmental disabilities and mental illness.
10
24
343
How cheap are obsolete office buildings selling for?
A developer paid only $4M for this 330k sf building in Minneapolis.
Sherman Associates is midway through their redevelopment, converting it into 216 apartments. Their total expected project cost is $92M.
37
29
288
Is this Minneapolis's version of the Flatiron Building?
Either way, the developer did a great job fitting 72 units on to a 0.64 acre triangle lot. (Waterbury House in Minneapolis)
22
11
251
Developing is not for the faint of heart.
Built in 2011, 1800 W Lake Street is a 56-unit in Minneapolis MN. The apartment building is in close proximity to Lake Calhoun (now Bde Maka Ska).
The developers dug down to build 2 stories of underground parking below the water table.
18
13
224
The owner of an 8 building, 213 unit multifamily portfolio in MN passed away recently.
With no spouse or kids to inhererit the building, he left the entire portfolio to his top employee who managed the buildings over the years.
5
3
189
I was looking through sales comps today, and I'm still baffled by what happened with The Walkway Apartments in Minneapolis.
Built by a local developer and sold to the JP Morgan Strategic Property Fund for $53M in 2015. 3 years later, JP Morgan sold it for a $20M loss
29
7
182
Pain is being felt in Minneapolis.
An owner defaulted on four apartment buildings recently, owing $8.8M. These are well-located, nicely renovated buildings.
1524 LaSalle Ave: $2,814,238
1200 Franklin Ave: $2,553,851
1207 25th St: $1,804,423
2205 Bryant Ave: $1,485,838
32
6
159
🚨THREAD - The real estate deal that changed my career.
How I went from buying duplexes to buying a $5M townhome complex - kicking off my career in multifamily investing.
🧵
5
8
115
We just wrapped up renovating the first 5 apartments at our Champlin, MN buildings. They came out quite nice.
Original rent: $900
Renovated rent: $1,400
Renovation cost: $17,100
7
3
108
Yet another Minneapolis high-rise sells for a discount.
The NordHaus in NE Minneapolis was just sold for $74M, or $265K per unit. Far below the cost to build.
FPA was the buyer, and Quarterra (Lennar) was the seller
13
14
107
When you build a student housing complex, it's 100% critical to reach completion prior to the start of the semester.
500+ University of MN students who signed leases at Identity Dinkytown recently learned that the building won't be ready in time for school. Complete chaos.
16
6
103
@pushtheneedle
Golf courses are hugely subsidized by the city as well
Circled in red, the Ellipse on Excelsior is a 189 unit apartment complex that sits on 3 acres. In 2023 it will pay $1.01M in property taxes.
The golf course to the right covers 156 acres and will pay $124K in property taxes during the same period.
47
174
2K
1
4
101
Policymakers should be making their city as developer-friendly as possible.
The reason why: the city receives a massive long-term income stream from every new project built.
Example: In 2017, a developer bought a former bank building in Northeast Minneapolis. On that 0.73
13
10
100
Another early 1900's beauty in Minneapolis - Lasalle Apartments
5
4
85
Weidner just made their 2nd massive bet on Minneapolis staging a comeback.
This week they paid $70M for the 253 unit Nic on 5th Apartments.
$277k per unit for a Class A high rise building - what a deal!
7
6
77
The Calhoun Isles Condominiums - This luxury condo complex started life as grain silos from 1890 and was built into condos in 1983.
Openings were cut for the windows and balconies, and the insulation was installed on the exterior of the silos.
6
4
75
What happens when a 122-acre assembly plant in an A+ location is shuttered? A new urban neighborhood is born.
Highland Bridge is currently under development in St. Paul, MN.
It will have 3,800 housing units (of all types), 150K SF of retail space, and 265K SF of office space
7
3
70
Weidner strikes a third time!
They just purchased The Elan and the Miles, totaling 590 units in Uptown, Minneapolis. Sale price $111M.
Weidner's recent Minneapolis purchases:
LPM Apartments - 354 units - $74M
Nic on 5th - 253 Units - $70M
Elan & Miles - 590 Units - $110M
4
2
66
The Via Sol in St Louis Park MN cost $88M to build and sold out of receivership for $33M.
Just about nothing went right for the developer:
-Construction took 4+ years
-Major cost overruns
-Slow lease-up (too many studios)
-Interest rates increased 300 bps
16
6
64
The 80s were wild for downtown real estate.
That's when the Curtis Hotel and Hotel Leamington were torn down to build a low-rise office building and a parking ramp
7
2
63
Here’s a great solution for affordable single family homes.
The Donegal South development in Maple Grove MN
Each home only sits on .07 acres, however the community is centered around a 1.2 acre grass area.
Currently selling in the low $400k range.
11
4
58
The Bridgewater Lofts is a 283 unit condominium development in DT Minneapolis. Back in 2006 the builder tried to buy the whole block but had one holdout. Today a small apartment building takes up most of the courtyard.
If only they had taken a page from
@BobKnakal
's playbook
9
4
56
@EvBuildsEquity
Welcome to the world of historic tax credit development! The per-unit costs can be shocking
A-Mill Artist Lofts - The 251 unit affordable housing project that cost $690K per unit.
Residents must have qualify based on income limits, and provide evidence they are an artist.
2
0
27
2
1
55
An incredible office building redevelopment:
The Penhurst Collective in Minneapolis' Bryn Mawr neighborhood
The 1950s office building was converted to 109 apartments.
The former surface parking lot is now 80 townhomes and 2 senior housing buildings totaling 199 units
0
6
50
Upper Post Flats in St. Paul, MN - an adaptive reuse project turning military barracks into affordable housing
Many of the buildings had sat dormant since WWII
7
4
48
Here's why I'm a YIMBY:
New development makes for more vibrant neighborhoods AND provides a massive new income stream to the city and county in which it resides.
Example: In 2018 a developer bought 2.3 acres in NE Minneapolis to build the 328-unit Odin Apartments.
The
3
9
44
Mosaic Apartments in Northfield, MN
Owner: What type of siding do you want to use?
Architect: All of them
9
4
47
@acquisizioni
No epic clock tower penthouse, unfortunately.
They did make the clock functional for the first time in years though
1
0
36
I'm proud of this one.
We're buying the asset for $6.6M and will spend another $1.8M on renovations.
Fully funded, and heading towards the closing.
7
2
37
There is a Minneapolis landlord who abandoned 2 vintage apartment buildings in the past 2 years. $5M worth of real estate. Squatters took residence in the properties, and both ended up suffering massive fire damage.
200 Oak Grove Minneapolis MN - 25 units
2312 Lyndale Ave
12
6
32
When a golf course is redeveloped, the increase in property tax revenue is staggering. 140X in this case.
The Hollydale Golf Course was a 160-acre private golf course in Plymouth, MN. In 2019 it was assessed at $1.32M and paid out $23K in property taxes.
A homebuilder bought
2
7
34
"The city shouldn't be giving millions of dollars to developers!"
That's the common statement I hear from people who are opposing a potential real estate development. Two things are likely true in that case:
1. The developer likely is requesting Tax Increment Financing (TIF)
3
4
34
@moseskagan
Prop 13 will perpetually increase the disparity between property owners and non-owners. Eventually this has to come to a head
3
0
33
Here's a story of a condominium nightmare:
Calhoun Place in Minneapolis was converted from apartments into condominiums in 2004.
The 107 new condo owners quickly learned that the original stucco exterior panels lacked sufficient waterproofing when originally built. Water
6
1
32
LPM Apartments in Minneapolis - built in 2015 for $86M, sold in 2023 for $74M
The Loring Park location is the issue IMO. Too far away from the light rail, the Mississippi, Target Field, and USBank Stadium.
9
4
31
Update: Weidner was indeed the buyer
3 Downtown Minneapolis high-rises have hit the market in the past 18 months, and Weidner bought them all.
They also bought 590 units in Uptown: the Elan and Miles
4Marq - 261 units - $52M ($200K per unit)
LPM - 354 units - $74M ($209K
4Marq Apartments just went up for sale.
Having bought 2 Minneapolis high-rises in 12 months, I imagine Weidner will likely win the bid.
According to the broker's email blast, the average rent is $217 below pre-pandemic levels
3
1
29
4
1
30
My brother-in-law lives in a Class A apartment in Uptown. His renewal came up and he was offered 50% off next month's rent to renew. No rent increase.
5
1
30
This strip mall at 3220 Lake St. in Minneapolis is likely a covered land play.
It's located on a soon-to-be light rail stop, and the owner is a prolific apartment developer
8
4
29
4Marq Apartments just went up for sale.
Having bought 2 Minneapolis high-rises in 12 months, I imagine Weidner will likely win the bid.
According to the broker's email blast, the average rent is $217 below pre-pandemic levels
3
1
29
Real estate investors are tasked with underwriting properties of all vintages.
This requires knowledge of how apartment building design has changed over time, which eras are preferred by renters, and what ongoing maintenance costs will look like.
Here's a brief summary of the
3
1
28
In 2015, my brokerage team sold the 108-unit Calhoun Towers in Minneapolis.
The top floor was a 6K sf restaurant space that sat empty for decades. Maintenance used it as storage.
Now built out into 5 penthouse units, I'll guess that one floor brings in $200K per year in rent.
5
0
27
A Minneapolis apartment building just traded for the same price from 9 years ago, despite having undergone a full reno.
The investors paid $5.8M for The Alden in 2015 and carried out a complete renovation of the apartments and common areas.
They sold it for $5.89M last week.
5
4
27
A-Mill Artist Lofts - The 251 unit affordable housing project that cost $690K per unit.
Residents must have qualify based on income limits, and provide evidence they are an artist.
2
0
27
Rockstar Capital is currently raising "Preferred Debt", as an alternative to a capital call.
They have 2 properties facing loan maturities in Q1 of 2024, and will use the funds to complete 2 cash-in refinances.
Preferred lenders are paid 8%. They are positioned after the 1st
16
0
24
Anyone else dream of building a passion project?
De La Pointe in Uptown is a great example. It's a six story, 9 unit condo building built by hotel developer Jim Graves.
Units range from 2,300 to 2,700 sq ft, and have 12' 8" ceilings. Graves set aside a unit for himself as well
4
0
24
My vote for the best coffee shop in MN:
The Spyhouse Coffee inside the Emery Hotel
4
2
24
There's a multifamily development I often drive by that has been under construction since 2018!
For the last 2 years, negative Google reviews were posted by would-be renters that signed a lease, only to be told it won't be ready (for another year).
Finally there are some
6
0
22
The Blair Apartments in St. Paul.
Still stunning, 135 years later
3
0
23
Thanks to
@VThorstenson
and
@BrandonBoat
for sharing the epic history of this building. I had no idea. This article walks through all the businesses this building has hosted through the years:
1
1
21
Back in 2015, during a clash with the local planning commission, a developer painted his building pink and put a "XXX" sign out front.
He was frustrated that the city of Wayzata was unwilling to give him a variance to go from 3 stories to 5 for his upcoming apartment development
0
0
18
Multifamily rents surged over the past 3 years, especially in the Sunbelt markets.
Meanwhile, Minneapolis-St. Paul (orange line) missed out on much of the growth.
So what happens next? Is this the new normal, or will Minneapolis play catch-up in the coming years?
5
2
19
I still think it's wild that Minneapolis bought every home on Nicollet Island 40 years ago. The previous owners all have 99 year leases.
1
0
18
@heIpfullandlord
I do. But after I recommend the book, I tell people to avoid following the author on social media.🤷♂️
1
0
18
Once again, developing real estate is not for the faint of heart.
Completed in 2020, Pure Lowry is a 111-unit apartment building in Minneapolis MN. Construction started in 2018, and at the time, a 27 unit apartment building from the early 1900's sat adjacent (lot circled in
2
1
15
We closed on 71 units in March, and had the 5 vacant units renovated within a month.
Combined, those units generate $7K per month in rent - no time to waste!
0
1
17
83 Freight Apartments in Nashville.
By far the most attractive project I've seen that uses storage containers.
Personally, though, I would never be a buyer of something like this. Too many quirks and unknowns when it comes to maintenance.
4
1
17
@ftw_cre
As the complex gets older, there is definitely some point that the golf course becomes a liability
0
0
16
The Custom House in St. Paul is an incredible adaptive reuse of a 1930s Art Deco building
The 750,000sf former USPS office was split up between 3 uses: 202 apartments, a Hyatt Hotel, and mini storage.
Much of the interior walls were removed to allow the apartments and hotel
2
0
17
This architect decided it was time to bring the mansard roof back
9
0
17
For the real estate nerds out there:
Some counties offer satellite imaging dating back 50+ years. Google search "(county name) GIS Map".
Then Click "Aerial View", and look for an option to select imaging from previous years.
2
3
17
I'm closing on this 71 unit in a month.
New acquisitions are super exciting, but keeping all the balls in the air takes a ton of focus. Here are the big-ticket items that have kept me busy:
-Entity formation
-Due diligence
-Financing
-Equity raise
-Finalizing design
2
0
16
The current owner’s website hasn’t been updated in a while. All highlighted locations have closed
2
1
16
Some incredibly low rents can be had in S Minneapolis right now.
Case in point: the Nico Apartments, a 4 yr old building with in unit laundry, a fitness center, a dog wash, etc.
Right now 2 Bedrooms are renting for $1,770 + 1 month free + a $500 "look and lease" discount!
7
1
15
@RealEstateMaxi
So many caveats to this post. The 1st being: many if not most lenders won't approve, the 2nd is that the county might still notice and hike your taxes, and 3rd, you are on the hook for any debt, judgements, etc. tied to that LLC.
1
0
14
@JTMartingCRE
If you want to invest in deals with investor equity, you’ll need to be able to show them you are an expert in your field. At 20 yrs old I would recommend working for a sophisticated real estate firm first, or finding a mentor to work alongside.
2
0
15
^^ this was a side note. All these locations were still open when JP Morgan sold for a loss
3
0
14
As the parents of young children, my wife and I have identified 3 destructive statements that we do not allow in our household:
-I hate you
-Shut up
-Rent control is an effective strategy
#retwit
1
0
14
I recently met a developer with an interesting Build To Rent concept.
He builds rental communities made up of basic 1 and 2 BR single family homes. Residents have the same square footage as a typical apartment, but get the benefits of no shared walls.
4
2
15
The Island Residences at Carlson Center sits on one of the more unique development sites in MN.
Built on a 13-acre island, the developer placed the building in the center and preserved the wooded areas surrounding it.
Construction of the building presented a few challenges:
-A
1
0
15
In the last few months, I've been seeing more and more high 6% and low 7% cap multifamily deals in the Twin Cities. The same prices per unit from 5 years ago.
Here's an example:
Phalen Shores Apartments
985 Ivy Ave. St Paul, MN
Class B asset in C location
1987 build with
3
1
14
Tough spot for a developer.
Identity Dinkytown still does not have a certificate of occupancy. School starts this Wednesday.
On Thursday a lawsuit was filed stating that the landlord leased apartments despite knowing that the apartment wouldn't be ready in time.
When you build a student housing complex, it's 100% critical to reach completion prior to the start of the semester.
500+ University of MN students who signed leases at Identity Dinkytown recently learned that the building won't be ready in time for school. Complete chaos.
16
6
103
1
1
13
The curved exterior presents some challenges, check out the curved kitchen!
1
0
14
@RyanDanz
@RealEstateMaxi
~0% chance of keeping the mortgage in this scenario. As soon as the lender realizes, the note will be called due.
3
0
14
Fears are rising about the dangers of drinking out of plastic bottles.
Meanwhile, plumbers are having a good laugh😂
2
0
14
744 Ashland Avenue, St Paul MN - a synagogue to multifamily conversion.
I actually brokered the sale of this building in 2015.
After the interior was destroyed by a fire, it was converted into a 19 unit apartment building complete with underground parking.
3
1
14
@seandsweeney
Brokerage is a great option for those who have no money and want to eventually open up their own real estate firm too
-High earning potential to build up your balance sheet
-Tons of exposure to your r/e asset class
-Get to witness how the top firms operate
2
2
14