JLLÂ Capital Markets arranged the sale of Park Villas Apartments, a 95-unit apartment community situated on seven acres in Waite Park, Minnesota.
JLL represented the seller, Podawiltz Development Corporation, and secured the buyer, Noel Johnson and Jamison Kohout of Venture Development Group.
Park Villas Apartments, located at 500 3rd St S in Waite Park, offers residents a unique 55+ community featuring 71 one-story cottage-style units and 24 two-story townhome apartments with private garages. The property, constructed in 1991 and extensively renovated in 2008, spans 7.15 acres and provides 88,405 square feet of rentable space with an average unit size of 931 square feet.
The St. Cloud metropolitan area continues to demonstrate strong fundamentals with a vacancy rate of just 2.70% and limited new supply, with only 48 units under construction within a five-mile radius of Park Villas.
Park Villas is strategically positioned adjacent to the region’s largest commercial and shopping district, providing convenient access to Crossroads Center, a regional shopping mall featuring over 100 retailers including Target, Macy’s and Scheels. The property’s location offers residents proximity to healthcare, education and employment centers while maintaining the appeal of small-town living just over an hour from the Twin Cities.
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 Ken Dayton, Senior Director Pat McMullen and Analyst Jack Graveline.
