JLL Capital Markets announced that it has arranged the $24.5 million sale of Village Apartments, a 252-unit multifamily community in Forest Lake, Minnesota.
Situated at 407 11th Avenue SW, Village Apartments offers its residents the convenience of being close to I-35. With easy access to nearby public beaches, walking paths, entertainment options and shopping centers, residents can fully enjoy the vibrant surroundings. Forest Lake is a sought-after Twin Cities suburb located just 30 minutes from Saint Paul, providing residents with easy access to the broader metro while maintaining its small-town charm and natural beauty centered around one of the metro’s largest lakes.
Built in 1969, the community consists of three-floor brick and wood apartment buildings and detached rentable parking garages, as well as surface spaces available for residents. The complex historically has maintained a strong occupancy rate of above 95% and offers residents a variety of living options, including studios, one- and two-bedroom units, some of which include additional dens. Each unit is cable ready and thoughtfully equipped with carpeting, ample closet space, balconies for enjoying the outdoors, ceiling fans, air conditioning and heating units and scenic wooded national views. The community also offers an array of amenities such as gated access, laundry facilities, picnic areas, a playground, a pool and convenient bike racks.
JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Managing Director Josh Talberg.
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 and 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.
