Park Villas Apartments
490 3rd Street South, Waite Park, MN, 56387, US
95 unités
Attributs
Nombre d'unités
50
Occupation
100 %
Année de construction
1979
Année de rénovation
2010
Superficie du bâtiment nette
5 247 mètres carrés
Superficie du terrain nette
2,1 ha
Description de l'actif
Jones Lang LaSalle Americas, Inc. (“JLL”), as the exclusive advisor, is pleased to present the offering of Jefferson Square (the “Property”), a 50-unit, 100% HAP townhome community located in Northfield, MN. Recognized by Money Magazine's Best 50 Places to Live, Northfield features two prestigious colleges, a high quality of life, and a wealth of employers and economic drivers making it a truly dynamic location to invest.
Jefferson Square's legacy quality is palpable through strong community amenities and top-notch townhome residences. Moreover, the rare 100% HAP designation makes it prime for upside through a mark-up-to-market or re-syndication business plan. JLL invites offers from qualified investors who are interested in this prestigious investment opportunity.
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Points forts de l'investissement
Rare 100% HAP Contract Provides Stable Operations and Upside
- Stable annual rent increases hedging against inflation with an implicit government guarantee
- Draft 2025 contract rents schedule project 4.5% growth over that of current contract rents with further upside potential via MUTM
- LIHTC re-syndication potential in 2025 as current tax credits were placed into service in 2010
- Immediate real estate tax upside due to the recent change to a flat 0.25% classification rate for class 4d apartments in Minnesota
Best-in-Market Townhome Living, Well-Maintained
- Redeveloped by one of the most prolific developers, owners, and managers in the multi-housing space
- Limited capital project needs due to premier design, construction, and components
- Open and spacious floor plans with large unit sizes, 11.7% larger than the competitive set
- Limited historical turnover, average 5-year occupancy of 98% and current occupancy of 100%
Premium location Within a Market Boasting Outstanding Fundamentals
- Jefferson Square accounts for 1/6th of the affordable housing stock in Northfield
- Consistently high occupancy rates and strong pricing power, evident both historically and projected on the go-forward
- Proximate to a wealth of economic drivers such as employment, commerce districts, colleges, and more
- Linked to the Twin Cities MSA, a market that today is in the spotlight nationally
Média
Jefferson Square Townhomes (0 Propriétés)
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Dernière mise à jour
1 avr. 2025