JLL Capital Markets closes sale of Medicine Lake Apartments in Plymouth

 JLL Capital Markets secured the sale of Medicine Lake Apartments, a meticulously maintained lakefront community that graces the shores of Medicine Lake in Plymouth, Minnesota.

JLL represented the seller, Bigos Management. The buyer was Weber Organization. 

Medicine Lake Apartments, located at 1300 W Medicine Lake Dr., represents one of the Twin Cities’ most unique multifamily assets: an 81-unit community directly on Medicine Lake with 12 private boat slips. This is an amenity that is virtually impossible to replicate in today’s regulatory environment. Plymouth consistently ranks as the number one Best Place to Live in Minnesota according to U.S. News, and the property is surrounded by single-family homes valued at over $1 million.

Built in 1977, the four-story property has been exceptionally maintained and features expansive floorplans averaging 948 square feet. The community offers a top-tier amenity package including a 24-hour fitness center, sauna, outdoor pool, multi-sport court, resident clubroom and direct access to the Luce Line Regional Trail.

The property’s location positions residents within a 15-minute drive of three Fortune 500 headquarters: General Mills, Target, and Cargill. The asset also sits near Boston Scientific’s new 400,000-square-foot expansion in the Arbor Lakes district, part of the world’s number one health technology cluster. Residents benefit from the top-ranked Wayzata School District, where the high school maintains a 97 percent graduation rate.

JLL Capital Market’s Sales and Advisory team representing the seller was led by Managing Director Josh Talberg, Director Joseph Peris and Analyst Jack Graveline.