JLL Capital Markets announced that it closed the sale of Oakmont Apartments, a 48-unit multi-housing community located in Coon Rapids, Minnesota.
On behalf of Gaughan Companies, JLL facilitated the sale of Oakmont as part of Gaughan’s larger Minnesota Legacy Apartment Portfolio, consisting of nearly 800 units. The property was purchased by a local high-net-worth private investor.
The 1974-built Oakmont Apartments is located at 11610 Tulip Street NW in the Twin Cities northwest suburbs, on the border of Anoka and Coon Rapids. The asset is situated within blocks of the Mississippi River, Anoka Community College and Allina Health Mercy Hospital, one of the state’s most prestigious medical institutions. Several common-area amenities are offered such as an on-site laundry facility, garage parking and access to the neighboring 15-acre Pheasant Ridge Park.
The JLL Capital Markets Investment Sales Advisory team was led by Managing Director Josh Talberg and Senior Director Bill Mork.
“Investor demand continues to be strong for well-located assets across the Twin Cities, evidenced by multiple bids throughout the portfolio and pricing that surpassed our expectations,” said 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.
