JLL Capital Markets has closed the $43.5 million sale of and arranged $28.275 million in acquisition financing for Vincent Woods Apartments, a 168-unit, newly built, Class-A multihousing community in the Twin Cities suburb of Rogers, Minnesota.
JLL marketed the property on behalf of the seller, Trident Development. Timberland Partners acquired the property. Additionally, working on behalf of the new owner, JLL secured the Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
Completed in 2020, Vincent Woods Apartments comprises studio, one-, two- and three-bedroom units averaging 862 square feet. The units feature chef-inspired kitchens, full-sized washers and dryers, plank flooring, walk-in closets and patio/balconies. The community includes a community room with kitchen lounge, fireplace and television; patio terrace with lounge area and grills; fitness center; access to walking and biking trails; dog park; managed parcel storage system; heated underground parking and surface parking.
Located at 20801 County Road 81, Vincent Woods Apartments is proximate to highways and the Northstar Commuter Line, providing residents with access to regional employment and entertainment hubs in less than 30 minutes.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Directors Dan Linnell, Mox Gunderson, Josh Talberg and Director Adam Haydon.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Brock Yaffe, Director Pat McMullen and Senior Managing Director Ken Dayton.