610 West Apartments_Pand te koop
610 West Apartments_Pand te koop
6717 Oak Grove Pkwy, Brooklyn Park, MN, 55445-2483, US

610 West Apartments

Objectomschrijving

JLL is pleased to present 610 West Apartments, an expansive 480-home, best-in-class multi-housing community located within the rapidly growing 610 corridor in Brooklyn Park, MN.


610 West offers its residents a best-in-market living experience with an unparalleled location next to Target's expansive 333 acre northern campus, which is one of the Twin Cities largest employers. The 610 corridor has rapidly grown into and expanded on the widely-recognized Medical Alley, which is considered the #1 health technology cluster in the world. Employers such as Takeda, Cirtec Medical, Pivot Medical, and the freshly finished 610 Medical Surgery Center all call this location home providing endless high-paying employment opportunities. Additionally, 610 West's location offers residents immediate access to some of the top northwest submarket employers, which include Medtronic, Boston Scientific, Polaris, Amazon, and Tesla.


The greater Twin Cities multi-housing market is at the forefront of performance across the U.S., highlighted by its sustained top RentCafe ranking for rental demand plus #1 YoY position in rent growth among major U.S. markets. Recent data helps contextualize the extreme supply constraint on the go-forward, driven by today’s construction costs and permit activity. 610 West is perfectly positioned to capitalize on the supply and demand imbalance, providing investors with significant pricing power leading to outsized growth and returns. The offering also presents an assumption of accretive life insurance financing. Presented for sale at a basis well below today’s replacement cost, JLL is seeking qualified offers to purchase this award-winning asset with an anticipated closing date in Q3 2024.

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Attributen

Bouwjaar
2018
Aantal eenheden
480
Bezettingspercentage
95%
Netto gebouwoppervlakte
44.738 vierkante meter
Bruto landoppervlakte
6,69 ha

Media

Investeringskenmerken

Best-In-Class Doran Group Development

  • Award-winning asset combining scale and luxury with 480 homes across four buildings
  • Best-in-market amenity package consisting of three pools, two putting greens, a golf simulator, and much more


Unparalleled Demand Drivers

  • At the epicenter of Minnesota’s Medical Alley surrounded by Takeda, Cirtec, Nilfisk, Protolabs, Medtronic, and Boston Scientific
  • Directly adjacent to Target's 333 acre northern corporate campus and the Oak Grove Parkway Station along the LRT Blue Line Extension


Strong Performance and Momentum

  • +6.7% lease trade-out growth on April - June report plus close to 70% retention rate on renewals
  • 4.1% increase in latest month over first month Total Income, with further upside (10.0%) by trending to JLL market rents


Accretive Investment Attributes

  • Today’s pricing with yesterday’s rates: subject to attractive assumable life insurance financing
  • ~31.5% annual tax abatement note projected through year 4 of JLL Pro Forma
610 West Apartments 4_Pand te koop
610 West Apartments 4_Pand te koop

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Laatst bijgewerkt
Jun 25, 2024