Cascade at Town Center

Jones Lang LaSalle Americas, Inc. (“JLL”), as the exclusive advisor, is pleased to present the offering of Cascade at Town Center (“Cascade” or the “Property”), a 204-unit, class A multi-housing community located in Eden Prairie, MN. Recently ranked the #2 city in America by Money Magazine, Eden Prairie is a highly preferred Twin Cities suburb that boasts some of the finest apartment fundamentals across the country. Cascade benefits from its central location within the City’s lively Town Center pocket making it an ideal choice for residents seeking both convenience and accessibility. Furthermore, the community is strategically positioned for even further growth following the 2027 delivery of the Green Line LRT Extension. Notably, the subject asset holds the distinction of being one of the sole existing communities in the city to receive a station seamlessly integrated adjacent to its site on this highly anticipated transportation route.

Situated at the core of Eden Prairie’s Town Center, Cascade offers an unrivaled location at the epicenter of a multitude of live, work, play, and shop opportunities. The property’s immediate proximity to restaurants, entertainment, employment, retailers, and more coupled with its direct access to I-494, US-212, and the Metro Green Line LRT make it a top destination for renters. Additionally, the immediate area has developed into a renowned med-tech cluster with direct access to Optum’s new campus (scheduled to receive all remaining employees at the Bren Road site beginning in September 2024), United HealthCare, plus 600+ companies within the Golden Triangle - the prestigious office/industrial submarket. Cascade’s ‘transportation nexus’ nature also offers connection to the top employers and amenities throughout the greater Twin Cities including Target, Best Buy, Chain of Lakes, downtown Minneapolis, and MSP International Airport. The asset also features a 6,204 SF executive center commercial component, a highly nurturing environment for boutique and growing businesses.

The greater Twin Cities multi-housing market is outperforming across the country, highlighted by its #1 RentCafe ranking for rental demand in the first half of 2024 across the entire United States. Furthermore, recent data helps contextualize the significant supply constraint on the go-forward, driven by today’s construction costs, permit activity, and the city’s minimal residential zoned sites plus inclusionary housing policies. The city and greater South West submarkets are set to experience notable supply constraints to their rental housing stock, and the supply / demand imbalance will provide investors with significant pricing power and lead to outsized growth and returns.

The strong momentum is clear at the asset level, highlighted by its 98% occupancy (as of July 2024) and operations trend, plus a robust tenant base, presenting investors with a dynamic investment offering. The property is presented without any existing debt and is ripe for a value-enhancement strategy to unlock additional potential. JLL invites offers from qualified investors who are interested in this prestigious asset.