JLL Capital Markets that it has arranged the sale and financing of Cascade at Town Center, a 204-unit multifamily community in Eden Prairie, Minnesota.
JLL represented both the seller, a joint venture between Harbert Management and Magellan Investment Partners and the buyer, FPA Multifamily, who JLL also worked on behalf of to arrange the financing through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo Lender.
Eden Prairie has been consistently ranked as one of the best places to live in the United States, known for its excellent schools, abundant parks and strong job market. The Minneapolis-St. Paul metro area continues to demonstrate strong multifamily fundamentals, with steady rent growth and high occupancy rates. Eden Prairie, in particular, has seen limited new supply, making existing assets like Cascade at Town Center increasingly valuable.
Cascade at Town Center, built in 2001 with 18 additional units added in 2018 offers a mix of studios, one-, two- and three-bedroom units, with a spacious average unit size of 1,158 square feet. Units feature stainless steel appliances, granite countertops, full-size in-unit washers and dryers and spacious floor plans, with select units offering step-out balconies and gas fireplaces. Community amenities include a gym, clubroom, indoor pool, courtyard with fire pit and grills and garage parking.
JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Managing Director Josh Talberg, Director Joseph Peris and Managing Director Mark Stern. JLL Capital Market’s Debt Advisory team was spearheaded by Senior Managing Director Elliott Throne and Managing Director Scott Loving.
“We are excited for the FPA team and their expansion within Minnesota with the purchase of Cascade at Town Center,” stated Talberg. “This investment opportunity was well received by the marketplace, drawing interest from local and national investors due to its truly irreplaceable nature and core Twin Cities location with further transit-oriented connectivity upon completion of the green line extension. Cascade boasts a long and wide runway for growth highlighted by several demand drivers both adjacent in the immediate Town Center community, as well as the broader Southwest submarket.”
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.
