Living / Multi-housing
Under Contract

610 West Apartments

6717 Oak Grove Pkwy, Brooklyn Park, MN, 55445-2483, US

610 West Apartments_Property for Sale

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610 West Apartments 2_Property for Sale

Asset description

​​​​​​​Jones Lang LaSalle (JLL) is pleased to offer for sale 610 West Apartments – an expansive 480-home, best-in-market multi-housing community located within the rapidly growing 610 corridor in Brooklyn Park, MN. 610 West was developed, designed and built exclusively by award-winning architects, interior designers and construction professionals. Built to Doran's legacy standards, this expansive community features a best-in-class amenity package, condo quality finishes, and podium built construction at rents largely irreplaceable in today’s high-cost environment.

Located within the newly developed 610 corridor, 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 have all called this location home providing endless high-paying employment opportunities. To provide a greater inflow of employees to the growing corridor, the Metropolitan Council has proposed a blue line light rail expansion that will bring employees from the southwest suburbs, St. Paul, and Minneapolis to a light rail station one mile west of 610 West Apartments. In addition to bringing employees to the 610 corridor, it will also provide residents immediate access to some of the top northwest submarket employers, which include Medtronic, Boston Scientific, Polaris, Amazon, and Tesla.

The award-winning 610 West Apartments are the perfect complement to Target's corporate campus, which set a goal to become the "Best Corporate Campus Ever." Awarded by MADACS for its excellence, 610 West's four building community features three pool terraces, heated underground parking, and a 22,000 square foot clubhouse - all of which are accessible via underground corridors providing year round connectibility. The high-caliber amenities flow through to the condo-quality interiors with spacious balconies and patios, 9 & 10-foot ceilings, solid core doors, and extensive sound insulation. 610 West truly fills the shoes as a destination "where life's just better."

As home values nationally continue to soar to record levels and construction costs continue to make development even more difficult, 610 West is perfectly positioned to expand on Target's continued comeback post-COVID and the 610 corridor's rapid med-tech growth story, which will result in strong rent growth for years to come. The offering is subject to an assumption of in place life insurance financing. Presented for sale at an assumption adjusted basis well below replacement cost, JLL is seeking qualified offers to purchase this award-winning asset with an anticipated closing date in Q4 2022.

Attributes

Number of units
480 units
Occupancy
88.00%
Year built
2018
Building area gross
481,554 sf
Land area Gross
16.53 acres (720,047 sf)

Investment highlights

Twin Cities Resilient Growth Story

  • Directly adjacent to Target's 333 acre northern corporate campus
  • Located within the northwest submarket, which is home to many of the state’s top employers, including Target, Boston Scientific, Medtronic, and Polaris
  • Situated at the epicenter of one of the world's strongest economies with the headquarters of 16 Fortune 500 Companies, including UnitedHealth Group, Best Buy, 3M, U.S. Bancorp, and General Mills
  • Climate haven destination in the land of 14,380 lakes
  • Perfectly positioned to benefit from the rapid 610 corridor growth and Target HQ's expanding presence

Best-in-Class Doran Development

  • 480 units averaging 1,003 square feet in size across 16.53 acres
  • Best-in-market amenity package with 3 pools, 2 putting greens, a golf simulator, and much more
  • Built to Doran's legacy standards
  • Family owned, award winning, vertically integrated developer with 35 years of experience
  • Subject to assumption of existing debt below today's interest rates
  • Attractive assumption adjusted basis coupled with a lucrative tax abatement

World-Class Med-Tech Cluster Location

  • In the midst of Medical Alley surrounded by Takeda, Cirtec Medical, Protolabs, Medtronic, and Boston Scientific
  • Severly supply-constrained city, witnessing only six apartment deliveries since 1970 totaling 1,999 units while the population has increased by 58,658 residents
  • Future TOD location with Blue Line Light Rail Extension
  • In immediate proximity to the brand new 610 Medical surgery center
  • Short commute to Ryan's 100 acre MN Health Village mixed use development


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Last updated
Nov 30, 2022