The Eddi at Pentagon Village

4911 West 77th Street, Edina, MN, 55435, US

Description

Jones Lang LaSalle Americas, Inc. ("JLL"), a licensed real estate broker, is pleased to present The Eddi at Pentagon Village, a premium 202-home luxury apartment community located in Edina, MN, one of the Twin Cities' most desirable southwestern suburbs. The Class A property is strategically positioned within the Pentagon Village and blocks from Centennial Lakes, the Galleria, and the France Avenue Corridor.

The Eddi offers spacious floor plans with luxury finishes and a top-tier amenity package. The property benefits from Edina's affluent demographics, with average household incomes of $200,476, and proximity to major employers including United Healthcare, Best Buy, and US Bank. The asset is located in one of the most sought-after housing markets in the entire Twin Cities, as the average Edina single family home sale price has exceeded $1 million over the last 12 months, providing ample cushion to continue to increase rents.

Strong market fundamentals support the investment opportunity, as Edina's population growth has outpaced unit deliveries by 116% since 2010. In addition, the immediate submarket is primed for future growth as the stabilized comp set is averaging an impressive 95% occupancy rate, rent levels of $2.50/SF+, and minimal new competing supply, as there is only one remaining neighboring property in lease-up. As a result, The Eddi is starting to experience strong asset-level momentum, averaging 10.40% rent growth on the last 25 signed leases.

JLL invites qualified investors to acquire this premium asset in one of Minnesota's most coveted submarkets at an attractive basis with exceptional long-term growth prospects

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Attributes

Number of units

202

Occupancy

92%

Year built

2023

Building area net

14,130 m²

Media

Investment Highlights

Premium Asset with Superior Construction and Design

Opportunity to acquire scale with 202 homes featuring spacious floorplans averaging 753 square feet
Superior Rise development quality and construction
Top-tier amenity package including a 24-hour fitness center, swimming pool, grilling deck, resident clubroom, co-working space, and fire pits
Luxury apartment finishes with wood and gray cabinetry, quartz countertops, and stainless steel appliances
Attractive discount to replacement cost and insulated from future supply given current market fundamentals

Premier Submarket with Exceptional Demographic Profile

Prime location blocks from Centennial Lakes, the Galleria, and the France Avenue Corridor
Pentagon Village community's future retail, office, and hotel development will continue to drive asset appreciation
Demand drivers include top-tier recreational, shopping, and employment opportunities, including United Healthcare, Best Buy, US Bank, and Minnesota Health Fairview Hospital
Average household income of $200,476 and average home sale price of $1,059,707 in the last 12 months in Edina
296% monthly ownership cost premium compared to renting at The Eddi

Compelling Market Fundamentals and Revenue Growth Trajectory

Despite recent deliveries, the South Minneapolis, Edina, and Richfield submarket has been a top 6 performer in cumulative rent growth since 2018
Since 2010, the Edina population has outpaced unit deliveries by 2,847 units (116%)
Currently, there are only 358 units under construction within a 3-mile radius of Eddi, and the stabilized comp set is averaging 95% occupancy
Strong asset-level momentum with the last 25 signed leases averaging 10.40% effective rent growth