Park Villas Apartments

Jones Lang LaSalle (JLL) proudly presents Park Villas, a 95-unit best-in-market apartment community located in Waite Park, Minnesota. This exceptionally rare asset, constructed in 1991 and extensively renovated in 2008, offers astute investors an unmatched and irreplaceable investment opportunity with an attractive going-in yield.

Park Villas is a 55+ community with 71 townhome units and 24 villas-style apartments featuring in-unit laundry, private garages, and a community room with a leasing office. This premier asset is situated in the thriving city of Waite Park, boasting direct adjacency to the bustling commercial and shopping district providing convenient access for residents. Furthermore, it resides near some of the region’s major employment drivers including St. Cloud State University, CentraCare Health Systems, St. Cloud VA Health Care System, and minutes away from Crossroads Center, a regional shopping mall featuring over 100 stores including Target, Macy’s, and Scheels.

Embracing the market for the first time in two decades, this eminent asset stands a cut above the rest, leaving investors hard-pressed to find a more enticing opportunity as the asset is immediately eligible for a tax credit re-syndication and mark-to-market following acquisition. The limited turnover, extended tenant tenure, and outstanding occupancy rates all testify to the robust demand from residents. Park Villas also boasts a remarkable community room, complete with a convenient on-site management office. With interiors ripe for a value-add approach while benefiting from numerous major capital upgrades from current management, prospective owners are presented with a pristine canvas and a clear growth trajectory for years to come.

This distinguished trophy townhome community represents an exceedingly rare opportunity to acquire a turnkey property. Offered for sale unencumbered, JLL cordially invites qualified offers for the purchase of this asset with an anticipated closing date set for Q4 2024.