Park Villas Apartments_Property for Sale
Park Villas Apartments_Property for Sale
490 3rd Street South, Waite Park, MN, 56387, US

Park Villas Apartments

Asset description

Jones Lang LaSalle (JLL) proudly presents Park Villas, a 95-unit best-in-market apartment community located in Waite Park, Minnesota. This exceptionally rare asset, constructed in 1991 and extensively renovated in 2008, offers astute investors an unmatched and irreplaceable investment opportunity with an attractive going-in yield.

  

Park Villas is a 55+ community with 71 townhome units and 24 villas-style apartments featuring in-unit laundry, private garages, and a community room with a leasing office. This premier asset is 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 near some of the region’s major employment drivers including St. Cloud State University, CentraCare Health Systems, St. Cloud VA Health Care System, and minutes away from Crossroads Center, a regional shopping mall featuring over 100 stores including Target, Macy’s, and Scheels.

 

Embracing the market for the first time in two decades, this eminent asset stands a cut above the rest, leaving investors hard-pressed to find a more enticing opportunity as the asset is 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. Park Villas also boasts 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 townhome community represents an exceedingly rare opportunity to acquire a turnkey property. Offered for sale unencumbered, JLL cordially invites qualified offers for the purchase of this asset with an anticipated closing date set for Q4 2024.

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Attributes

Units
95
Occupancy
91%
Year built
1991
Year renovated
2008
Building area net
88,405 sf

Media

Investment highlights

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

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 Minnesota, which is in and of itself one of the country’s most resilient markets with 17 Fortune 500 companies

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

Section 42 investment opportunity immediately eligible for tax credit re-syndication and mark to market following acquisition

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

Park Villas Apartments 4_Property for Sale
Park Villas Apartments 4_Property for Sale

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Last updated
Aug 30, 2024