JLL Capital Markets arranged the sale of The Villages at Essex Park, a 288-unit apartment community located in Rochester, Minnesota.
JLL represented the seller, Dominium, in the transaction, and procured the buyer Black Swan Real Estate.
The Villages at Essex Park is strategically located at 937 41st St. NW, positioning residents within minutes of the world-renowned Mayo Clinic and the city’s thriving medical district. The property offers convenient access to major employment centers including IBM’s Rochester campus, University of Minnesota Rochester, and numerous healthcare facilities. In addition, the community is located just 80 miles from both Minneapolis and Saint Paul.
Rochester continues to solidify its position as America’s premier medical destination, anchored by the Mayo Clinic’s global leadership in healthcare innovation. The city boasts robust demographics with an average household income of $120,000, unemployment rate of just 2.60%, and impressive population growth of 15.43% within a five-mile radius since 2010. Rochester is experiencing unprecedented economic expansion through the Destination Medical Center initiative, which represents over $5 billion in projected private investment over the next 20 years and is expected to create 30,000 new jobs. This largest economic development initiative in Minnesota history positions Rochester as the world’s premier destination for health and wellness.
The Villages at Essex Park comprises two distinct phases: Essex Park, built in 1999 with 144 market-rate units and Essex Place, originally constructed in 1991 and renovated in 2013 with 144 Section 42 income-restricted units at 60% AMI.
The community spans 17.35 acres and features units averaging 1,005 square feet, ranging from one- to three-bedroom homes. Community amenities include a clubhouse with fireplace, fitness center, swimming pool, playground and picnic areas with grilling stations. Market-rate units feature in-unit washers and dryers, private garage spaces, and upgraded appliances..
JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Managing Director Josh Talberg, Director Joseph Peris, Senior Managing Director Doug Childers and Analyst Jack Graveline.
