JLL Capital Markets announced that it has arranged the sale of Park Villas Apartments, a 95-unit apartment community situated on seven acres in Waite Park, Minnesota.
JLL represented the seller, Podawiltz Development Corporation, and secured the buyer, Noel Johnson and Jamison Kohout of Venture Development Group.
Park Villas Apartments, located at 500 3rd Street S in Waite Park, offers residents a unique 55+ community featuring 71 one-story cottage-style units and 24 two-story townhome apartments with private garages.
The St. Cloud metropolitan area continues to demonstrate strong fundamentals with a vacancy rate of just 2.70% and limited new supply, with only 48 units under construction within a five-mile radius of Park Villas.
Park Villas is strategically positioned adjacent to the region’s largest commercial and shopping district, providing convenient access to Crossroads Center, a regional shopping mall featuring over 100 retailers including Target, Macy’s and Scheels. The property’s location offers residents proximity to healthcare, education and employment centers while maintaining the appeal of small-town living just over an hour from the Twin Cities.
JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Managing Director Josh Talberg, Director Joseph Peris, Senior Managing Director Ken Dayton, Senior Director Pat McMullen and Analyst Jack Graveline.
“Park Villas represented the strong demand for exurban and secondary markets across the Twin Cities, which our team has been heavily involved in as capital continues to flow through the area,” said Talberg. “The property’s strong historical occupancy of 95%+ and growth speak to the solid fundamentals of this location and asset type, coupled with supply constraints and attractive yields; investor demand will only increase for these opportunities over the coming years as trends continue to strengthen throughout the upper Midwest.”
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.
