Minnesota multi-housing community trades for $24.5M
JLL Capital Markets secured the sale of vintage Forest Lake community, Village Apartments
MINNEAPOLIS, Jan. 2, 2025 – JLL Capital Markets announced today that it has arranged the $24.5 million sale of Village Apartments, a 252-unit multi-housing community in Forest Lake, Minnesota.
JLL worked on behalf of the seller, Gaughan Companies. Village Apartments marks the 7th property to trade in the broader 800-unit Minnesota Legacy Apartment Portfolio that JLL has been marketing for sale.
Situated at 407 11th Ave. 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.
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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 111,000 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, the company is 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. Gaughan doesn’t make promises it can’t keep and they don’t cut corners. Gaughn is passionate about the Twin Cities region and the culture of the area; they are always excited to help their clients discover new real estate opportunities, enhance their properties, and improve the community. For more information, please visit gaughancompanies.com.