Emblem Way, Shakopee, MN, 55379, US

Emblem Shakopee

Asset description

Jones Lang LaSalle Americas, Inc. ("JLL"), a licensed real estate broker, is pleased to present Emblem Shakopee, a brand new 288-home luxury apartment community located in Shakopee, MN, a thriving Twin Cities suburb within the southwest submarket. The property is a Class A community situated just off Hwy 169, presenting unmatched connectivity to many nearby amenities in addition to the greater Twin Cities. Emblem offers a variety of sought-after floor plans from spacious studios to three-bedroom homes, boasting a spacious average unit size of 958 SF. The property offers best-in-market living including luxe interior finishes and a comprehensive amenity package, creating a modern oasis for its residents all at an accessible monthly rate.

Emblem's central location in Shakopee provides prime access to nearby retail options, a strong Shakopee public school district, and top local employers such as Amazon, SMSC Gaming Enterprise, and St. Francis RMC, along with regional names such as UnitedHealth Group and Optum to the north. Moreover, the asset is in immediate proximity to an unrivaled set of entertainment and amusement venues including Valleyfair amusement park, Canterbury Park, Mystic Lake Casino, a charming walkable downtown, the nation's top Renaissance festival, and a premier parks and recreation district.

Shakopee's high quality of life, strong schools, and entertainment options have driven a 28% population growth since 2010, with further momentum on the horizon due to the highly-anticipated upcoming Shakopee Amphitheater, set to deliver in Summer 2025. These demand drivers, coupled with zero impending supply in the immediate future, position this investment to capture substantial upside upon stabilization.

Offered for sale by its original developer and free and clear of existing debt, JLL invites offers from qualified investors who are interested in the prestigious asset.

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Attributes

Year built

2024

Units

288

Building area net

275,904 sf

Parking spaces

504

Land area gross

16 acres

Media

Investment highlights

Investment-Grade Quality Living

Opportunity for scale with 288 units averaging 958 square feet in size across 16.08 acres
Attainable A living product offered for sale by its original developer for well below today's replacement cost
Accelerated lease-up: 63% leased by its final TCO; 85% today, plus a +70% retention rate on first gen lease turns through April 2025
Offers residents a 46% discount to rent at Emblem vs purchase in the adjacent masterplan development

Premier Urban-Suburban Location

Located in the Twin Cities hub for entertainment and attractions with additional future momentum; a state-of-the-art entertainment district set to deliver to the city in Summer 2025
Highly amenitized suburb and optimal location off of the major U.S. Hwy 169 providing connectivity to the greater Twin Cities
Strong assigned school district with further commitment to its education evidenced by its $97M investment in the renovation/addition to the Senior High School
Preferred southwest suburban location recognized by its above-average historical rent growth figures

Strong Property and Submarket Trends

Strong supply absorption of lease-up inventory in the marketplace, bolstering occupancy and growth projections on the go-forward
Embedded rent growth as competitive set supports a premium to the current rates
Compelling rent-to-income cushion supporting rent growth upon stabilization
Zero competing units under construction presenting investors with a rare opportunity to capitalize on the supply/demand imbalance

Robust Market Growth Drivers

Minneapolis-St. Paul is RentCafe's #1 multi-housing market to watch for 2025
Durable demand and stable resident base underpinned by 15 Fortune 500 HQs in the MSA
Multi-housing permits in the Twin Cities metro have plunged more than 70% since peak
The rent-to-income ratio in Minneapolis-St. Paul is the 3rd lowest of all major U.S. markets