JLL Capital Markets arranged the sale and financing of Cascade at Town Center, a 204-unit multifamily community in Eden Prairie, Minnesota.
JLL represented both the seller, a joint venture between Harbert Management and Magellan Investment Partners and the buyer, FPA Multifamily, who JLL also worked on behalf of to arrange the financing through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo Lender.
Cascade at Town Center at 12100 Singletree Ln., is situated in a prime location within one of Minneapolis’ most desirable suburbs. The community is located near the I-494, US-212, MN-62 and MN-169, offering quick access to prominent employment hubs, grocery and retail opportunities and the MSP International Airport.
Eden Prairie has been consistently ranked as one of the best places to live in the United States, known for its excellent schools, abundant parks and strong job market. The Minneapolis-St. Paul metro area continues to demonstrate strong multifamily fundamentals, with steady rent growth and high occupancy rates. Eden Prairie, in particular, has seen limited new supply, making existing assets like Cascade at Town Center increasingly valuable.
Cascade at Town Center, built in 2001 with 18 additional units added in 2018 offers a mix of studios, one-, two- and three-bedroom units, with a spacious average unit size of 1,158 square feet. Units feature stainless steel appliances, granite countertops, full-size in-unit washers and dryers and spacious floor plans, with select units offering step-out balconies and gas fireplaces. Community amenities include a gym, clubroom, indoor pool, courtyard with fire pit and grills and garage parking.
JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Managing Director Josh Talberg, Director Joseph Peris and Managing Director Mark Stern. JLL Capital Market’s Debt Advisory team was spearheaded by Senior Managing Director Elliott Throne and Managing Director Scott Loving.
