JLL closes sale of Twin Cities suburban multi-housing community
JLL Capital Markets arranged the sale for the 48-unit Oakmont Apartments
MINNEAPOLIS, April 23, 2024 – JLL Capital Markets announced today 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 St. 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. The property features spacious studio, one-bedroom and two-bedroom units, as well as several common-area amenities, 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.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Gaughan Companies
Gaughan is a full-service commercial real estate company with multiple specified divisions. Founded by Patrick Gaughan in 1969, we are committed to serving local commercial and municipal facilities, multi-unit complexes, and other public and private properties in the Twin Cities metro area with honesty, integrity, positivity, and quality. We don’t make promises we can’t keep and we don’t cut corners. We’re passionate about the Twin Cities region and the culture of our area; we are always excited to help our clients discover new real estate opportunities, enhance their properties, and improve our community. For more information, please visit https://www.gaughancompanies.com/.