Park Villas Apartments_Property for Sale

490 3rd Street South, Waite Park, MN, 56387, US

Park Villas Apartments

Asset Description

Jones Lang LaSalle (JLL) proudly presents Park Villas, a top-tier apartment community located on the border of Waite Park and Saint Cloud, Minnesota. This unique 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 one-story cottage-style units and two-story townhome apartments featuring private garages and a community room with a leasing office. This premier asset is strategically located adjacent to the largest commercial and shopping district in the region, providing convenient access for residents. Additionally, the property is proximate to some of the region's major employment drivers, including St. Cloud State University, CentraCare Health Systems, St. Cloud VA Health Care System, and is minutes away from Crossroads Center, a regional shopping mall home to more than 100 retailers including Target, Macy's, and Scheels.

Park Villas is poised for a tax credit re-syndication and mark-to-market following acquisition. The property is located in a qualified census tract, providing investors an additional basis boost upon renovation. The limited turnover, extended tenant tenure, and outstanding occupancy rates all demonstrate the robust demand from residents. Significant capital improvements by current ownership have positioned Park Villas for sustained growth, offering a well-maintained foundation for future value enhancement.

This distinguished community presents a rare opportunity for investors to acquire a stabilized, cash-flowing asset with immediate value-add potential. JLL invites qualified investors to submit offers for this exceptional opportunity, targeting a closing in Q3 2025.

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Attributes

Number of units

Occupancy

93%

Year built

1991

Year renovated

2008

Building area net

8,213 m²

Media

Investment Highlights

Attractive Going-In Yield and Strong Market Fundamentals

Impressive asset-level historical occupancy of 95%+ and strong third party market rent projections of 3.55% through 2028
Cash flow boost through the State of Minnesota's 2025 class rate reduction on 4d units, representing an immediate 50% reduction in current taxes
Saint Cloud market vacancy of just 2.70%, coupled with only 48 units under construction within a 5-mile radius of Park Villas, will continue to drive existing rent levels

Re-Syndication and Value-Add Opportunity

Section 42 investment opportunity immediately eligible for tax credit re-syndication and mark-to-market following value-add execution
Located in a Qualified Census Tract, providing investors with a basis boost increasing potential tax credit value and equity
Significant capital invested by current management has maintained asset quality, providing new ownership with a smooth transition upon purchase
Mission opportunity supporting social and economic equality by providing housing to individuals below the 60% annual median income threshold

Sought-After Location Near Some of the Major Economic Drivers in the Submarket

Located within minutes of the Crossroads Center, the largest regional shopping center featuring over 100 stores
Proximate to a wealth of economic drivers such as healthcare, education, manufacturing, and transportation
Major employers in the region include Saint Cloud State University, Saint John's University, College of Saint Benedict, CentraCare Health Systems, St. Cloud VA Health Care System, and Stearns County