JLL Capital Markets announced that it has closed the $65.158 million sale and arranged acquisition financing for Beyond Apartments, a 255-unit, mid-rise multihousing community located in the Minneapolis-St. Paul suburb of Woodbury, Minnesota.
JLL marketed the property on behalf of the seller, Roers Companies. Affiliates of MLG Capital acquired the asset. Additionally, working on behalf of the new owner, JLL secured the 10-year, full-term interest only Fannie Mae loan near stabilization. The loans will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
Built in 2021, Beyond Apartments features studios, one-, two- and three-bedroom units with stainless steel appliances, quartz countertops, full-size washers and dryers, balconies, spacious bedrooms and an average size of 778 square feet. Community amenities include underground parking, a sky lounge patio, a pet wash, a coworking lounge, a fitness center and golf simulator.
Located at 455 Karen Dr., the property is one mile from I-94 and a 15-minute drive from top employers in downtown St. Paul, providing residents an easy commute. It is also less than a 10-minute drive to 3M headquarters. The property is proximate to recreational activities at Como Park Conservatory, St. Croix River, Afton Alps and Lake Elmo Reserve, as well as retail options at Tamarack Village, Woodbury Lakes and Woodbury Commons.
The JLL Capital Markets Team representing the seller was led by Managing Directors Mox Gunderson, Dan Linnell, Josh Talberg, and Senior Director Adam Haydon. Senior Director Scott Streiff and Managing Director Brock Yaffe led the JLL Capital Markets Debt Advisory Team representing the borrower.
“Beyond Apartments offers a fully amenitized living experience in the rapidly growing city of Woodbury,” Gunderson said. “The property witnessed a rapid lease-up evidenced by reaching 75 percent physical occupancy within four months of receiving its certificate of occupancy in November 2021. The buyer was able to capitalize on this opportunity early with a clear path to stabilization.”
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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.