6110 Quinwood Lane North, Plymouth, MN, 55442, US

Quinn at Plymouth

描述

JLL is pleased to present Quinn at Plymouth Apartments – a 300-home, Class A multifamily community situated on the border of Plymouth and Maple Grove, MN, the #1 and #2 ranked cities to live in Minnesota. This garden-style, podium-built asset was constructed to superb quality standards, featuring massive floor plans with spacious layouts and luxury finishes, ample heated underground parking, and resort-style community amenities. The property is being offered at a 15-20% discount to replacement cost in this coveted and high barrier-to-entry submarket.

Quinn at Plymouth is ideally positioned within the most robust employment hub in the Twin Cities. Employer commitment is clearly demonstrated in the Northwest metro through various blue-chip names emerging and expanding within a sub-10 minute drive of the property – Boston Scientific, BAE Systems, Abbot Laboratories, Philips (and more) have all recently made significant investments into their Plymouth/Maple Grove facilities. Moreover, the property’s central location within medical alley – the #1 health technology cluster in the world – and proximate access to top hospitals, present the state’s top-tier healthcare opportunities. In addition to its rich employment, the location boasts a strong set of demand drivers including an abundance of nearby retail/entertainment, lifestyle, and recreation amenities, which is further enhanced by the 75-acre master-plan Boulevard redevelopment, delivering a brand new, walkable commerce district adjacent to the property.

Completed in 2001 and renovated in 2017-2018, Quinn’s modern luxury living offers an undeniable runway for pricing power. Supported by a compelling rent cushion relative to Plymouth’s household income, full market absorption of recent deliveries and minimal forward-looking projects, plus a steep discount to comps of equal product and location, investors are presented with accelerated growth potential. Moreover, Quinn’s existing core+ renovation framework offers investors the opportunity to achieve outsized returns for its profile.

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特性

單位數量

300

Average home size

1,000 sf

可出租面積

300,116 平方呎

使用／出租率

93%

落成年份

2001

Year renovated

2017-2018

媒體

投資亮點

Core Apartment Community with Upside

Class A opportunity at scale with 300 units averaging 1,000 SF across a sprawling 16 acre site
Spacious and open floor plan layouts with upscale finishes and a generous community amenity package
~15-20% discount to replacement cost
Attainable monthly rents at just 12.7% of Plymouth's average household income
Accelerated rent growth opportunity supported by comps of equal finish quality and location preference
Existing value-enhancement blueprint presenting additional $95,700 rent upside

Thriving Location with Premier Fundamentals

Ultra-preferred location underscored by Plymouth's #1 place to live in MN ranking (adjacent Maple Grove #2)
Robust employment with access to high growth and expanding employers, plus an abundance of med-tech
Additional momentum with the adjacent Boulevard redevelopment, enhancing site walkability
Perpetual rent growth location, outsized projections for the go-forward
Full market supply absorption with minimal forward-looking deliveries supporting further growth
Twin Cities is one of the nation's top performing multi-housing markets; top 5 rent growth in the country