JLL Capital Markets announced it has closed the $30 million sale for Lake Jonathan Flats, a multihousing property totaling 117 units and located in Chaska, Minnesota, about 25 minutes southwest of Minneapolis.
JLL worked on behalf of the seller, Trident Development, to complete the sale to Ridgebrook Investments. JLL also worked on behalf of Ridgebrook Investments to secure a fixed rate loan through Bridgewater Bank.
The newly-constructed Lake Jonathan Flats feature studio, one- and two-bedroom floorplans with open concepts, modern kitchens, granite countertops, stainless steel appliances, custom cabinetry and private balconies. Community amenities include a fitness center, rooftop bar and coffee bar area.
Located at 3000 N. Chestnut St., the property is positioned in a growing submarket of Minneapolis. The southwest apartment submarket is demonstrating continued momentum, avoiding high rent increases and boasted for it’s reasonable cost of living. Downtown Chaska is also known for its charm with various walkable neighborhood amenities, including Lake Jonathan and the Chaska Town Golf Course. In addition, the apartments are located near various employment options, including multiple Fortune 500 companies like General Mills, Optum and Best Buy.
The JLL Capital Markets team representing the seller was led by Senior Directors Dan Linnell, Mox Gunderson and Josh Talberg and Director Adam Hayton. Financing was led by Senior Managing Director Ken Dayton.
“Lake Jonathan Flats offers accessible rents for a luxury product,” said Linnell. “The property had a rapid lease up and continues to have very strong fundamentals. We saw an incredible amount of demand from both private and institutional investors while marketing Lake Jonathan. The property ended up going to an exchange buyer after a competitive bidding process, and we continue to see Twin Cities suburban pricing test high-water marks. Our team had another fantastic experience representing and working with Trident Development.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.