JLL Capital Markets arranged the $24.5 million sale of Village Apartments, a 252-unit multi-housing community in Forest Lake, Minnesota.
JLL worked on behalf of the seller, Gaughan Companies. Village Apartments marks the 7th property to trade in the broader 800-unit Minnesota Legacy Apartment Portfolio that JLL has been marketing for sale.
Situated at 407 11th Ave. SW, Village Apartments offers its residents the convenience of being close to I-35. With easy access to nearby public beaches, walking paths, entertainment options and shopping centers, residents can fully enjoy the vibrant surroundings. Forest Lake is a sought-after Twin Cities suburb located just 30 minutes from Saint Paul, providing residents with easy access to the broader metro while maintaining its small-town charm and natural beauty centered around one of the metro’s largest lakes.
Built in 1969, the community consists of three-floor brick and wood apartment buildings and detached rentable parking garages, as well as surface spaces available for residents. The complex historically has maintained a strong occupancy rate of above 95% and offers residents a variety of living options, including studios, one- and two-bedroom units, some of which include additional dens. Each unit is cable ready and thoughtfully equipped with carpeting, ample closet space, balconies for enjoying the outdoors, ceiling fans, air conditioning and heating units and scenic wooded national views. The community also offers an array of amenities such as gated access, laundry facilities, picnic areas, a playground, a pool and convenient bike racks.
