Minnesota Townhome Portfolio_Property for Sale
Minnesota Townhome Portfolio_Property for Sale
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Minnesota Townhome Portfolio

Portfolio description

Jones Lang LaSalle (JLL) proudly presents the extraordinary Minnesota Townhome Portfolio, comprising two meticulously maintained assets totaling an impressive 209 units. This exceptionally rare portfolio, constructed in 1991 and extensively renovated in 2008, offers astute investors an unmatched and irreplaceable investment opportunity.

 

Cottages of Aspen is a 114-unit, 55+ townhome community nestled on a sprawling 28-acre site in Oakdale. The asset lies adjacent to the breathtaking 40-acre Richard Walton Park, creating an enchanting and picturesque environment. Additionally, it enjoys proximity to several highly desirable retail nodes, including the trendy Woodbury Lakes shopping district.

 

Park Villas is a 95-unit, 55+ townhome community situated in the thriving city of Waite Park, boasting direct adjacency to the bustling commercial and shopping district providing convenient access for residents. Furthermore, it resides a stone's throw away from the esteemed St. Cloud State University campus one of the largest employment drivers in the submarket.

 

Embracing the market for the first time in two decades, this eminent portfolio stands a cut above the rest, leaving investors hard-pressed to find a more enticing opportunity as both properties are immediately eligible for a tax credit re-syndication and mark to market following acquisition. The limited turnover, extended tenant tenure, and outstanding occupancy rates all testify to the robust demand from residents. Both assets also boast a remarkable community room, complete with a convenient on-site management office. With interiors ripe for a value-add approach while benefiting from numerous major capital upgrades from current management, prospective owners are presented with a pristine canvas and a clear growth trajectory for years to come.

 

This distinguished trophy suburban townhome portfolio represents an exceedingly rare opportunity to acquire two turnkey assets. Offered for sale unencumbered, JLL cordially invites qualified offers for the individual purchase of these properties or the acquisition of the entire portfolio. With an anticipated closing date set for Q4 2024, interested investors have ample time to seize this extraordinary opportunity.

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Attributes

Occupancy
93%
Units
209
Year built
1991
Year renovated
2008
Land area net
35 acres
Minnesota Townhome Portfolio (2 Properties)
Minnesota Townhome Portfolio (2 Properties)

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Investment highlights

Strong section 42 portfolio diversification totaling 209 homes and two communities across Minnesota well positioned for operational efficiencies

Original units provide a clean slate for investors to put their own touch on each community with the potential to execute a value-add to significantly increase overall returns

Significant capital invested by current management has maintained asset quality providing new ownership with a smooth transition upon purchase

Offered significantly below today’s replacement cost in the Minnesota, which is in and of itself one of the country’s most resilient markets with 14 Fortune 500 companies

Impressive historical portfolio occupancies of 95%+ and current rents that are below neighborhood comparables positioning the properties for immediate rent growth

Mission Opportunity suppporting social and economic equality through providing housing to individuals below the 60% annual median income threshold

Cash flow boost through the State of Minnesota's 2025 class rate reduction on 4d units representing an immediate 50% reduction in current taxes

Uniquely available on an individual or portfolio basis

Minnesota Townhome Portfolio 4_Property for Sale
Minnesota Townhome Portfolio 4_Property for Sale

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Last updated
Jun 21, 2024