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Parkway Gardens Senior 1145 Hudson Rd 160 Unit Apartment Building For Sale Saint Paul, MN 55106
Investment Highlights
- Senior Housing Demand
- Exceptional Connectivity
Executive Summary
Michel Commercial is pleased to present Parkway Gardens Senior Apartments, a 160-home affordable active-adult (55+) community in St. Paul, Minnesota. Built in 2005, this well-maintained property is not subject to rent control and has recently benefited from the change to the Low Income Rental Classification (LIRC) tax rate, resulting in a significant reduction in real estate taxes effective January 1, 2025. Parkway Gardens provides stable in-place income, long-term retention, and a highly accessible location, making it a strong investment opportunity.
Property Overview
Parkway Gardens features homes tailored for active seniors, each with full kitchens, generous storage, walk-in showers, and underground parking. Community amenities include a resident lounge, fitness area, game room, on-site laundry, and outdoor recreation space.
Affordability Structure
The property operates under a Section 42 LURA contract with income and rent restrictions in place until December 29, 2036. Unit allocation includes 10% at 30% Area Median Income (AMI), 10% at 50% AMI, and 80% at 60% AMI.
Location & Connectivity
Conveniently located just off I-94 near Sun Ray Shopping Center, Parkway Gardens provides residents with easy access to retail, groceries, and healthcare. Public transit stops directly outside the property, ensuring mobility and accessibility for non-driving seniors.
Investment Upside
Parkway Gardens offers investors a well-built asset with strong upside potential through improved operations and emerging rent growth. With limited senior housing supply and rising demand for affordable, age-restricted homes, the property is well positioned for durable long-term performance. Additionally, the Low-Income Rental Classification (LIRC) tax rate reduction enhances long-term value, making Parkway Gardens a compelling addition to any portfolio.
Property Overview
Parkway Gardens features homes tailored for active seniors, each with full kitchens, generous storage, walk-in showers, and underground parking. Community amenities include a resident lounge, fitness area, game room, on-site laundry, and outdoor recreation space.
Affordability Structure
The property operates under a Section 42 LURA contract with income and rent restrictions in place until December 29, 2036. Unit allocation includes 10% at 30% Area Median Income (AMI), 10% at 50% AMI, and 80% at 60% AMI.
Location & Connectivity
Conveniently located just off I-94 near Sun Ray Shopping Center, Parkway Gardens provides residents with easy access to retail, groceries, and healthcare. Public transit stops directly outside the property, ensuring mobility and accessibility for non-driving seniors.
Investment Upside
Parkway Gardens offers investors a well-built asset with strong upside potential through improved operations and emerging rent growth. With limited senior housing supply and rising demand for affordable, age-restricted homes, the property is well positioned for durable long-term performance. Additionally, the Low-Income Rental Classification (LIRC) tax rate reduction enhances long-term value, making Parkway Gardens a compelling addition to any portfolio.
Property Facts
| Sale Type | Investment | Lot Size | 4.07 AC |
| No. Units | 160 | Building Size | 212,325 SF |
| Property Type | Multifamily | Average Occupancy | 90% |
| Property Subtype | Apartment | No. Stories | 5 |
| Apartment Style | Mid-Rise | Year Built/Renovated | 2005/2012 |
| Building Class | B | Parking Ratio | 0.94/1,000 SF |
| Zoning | RM-2 - Medium-Density Multiple-Family Residential | ||
| Sale Type | Investment |
| No. Units | 160 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 4.07 AC |
| Building Size | 212,325 SF |
| Average Occupancy | 90% |
| No. Stories | 5 |
| Year Built/Renovated | 2005/2012 |
| Parking Ratio | 0.94/1,000 SF |
| Zoning | RM-2 - Medium-Density Multiple-Family Residential |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- High Speed Internet Access
- Refrigerator
- Sprinkler System
- Range
- Tub/Shower
- Walk-In Closets
- Wheelchair Accessible (Rooms)
Site Amenities
- Business Center
- Clubhouse
- Courtyard
- Fitness Center
- Laundry Facilities
- Property Manager on Site
- Energy Star Labeled
- Gameroom
- Grill
- Planned Social Activities
- Recycling
- Conference Rooms
- Elevator
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 42 | - | 564 - 634 |
| 2+1 | 118 | - | 753 - 813 |
Property Taxes
| Parcel Number | 33-29-22-42-0182 | Improvements Assessment | $21,869,300 |
| Land Assessment | $3,200,000 | Total Assessment | $25,069,300 |
Property Taxes
Parcel Number
33-29-22-42-0182
Land Assessment
$3,200,000
Improvements Assessment
$21,869,300
Total Assessment
$25,069,300
Contacts
-
Heidi Addo -
Peter Michel -
Phil Reesnes -
Jesse Thurston -
Ukee Dozier -
Michel Commercial Real Estate
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Parkway Gardens Senior | 1145 Hudson Rd
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