FPA Multifamily Acquires Near Minneapolis
The property was completed in 2001.
Cascade at Town Center, a 204-unit multifamily community in Eden Prairie, Minn., has been sold by Harbert Management and Magellan Investment Partners to FPA Multifamily through a refinancing by JLL, which represented both sides of the deal.
Financing was made through Freddie Mac, and JLL Real Estate Capital LLC, a Freddie Mac Optigo Lender, will service the loan.
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. Senior Managing Director Elliott Throne and Managing Director Scott Loving spearheaded JLL Capital Market’s debt advisory team.
Cascade at Town Center is located at 12100 Singletree Lane, near I-494, US-212, MN-62 and MN-169, in one of Minneapolis’ most attractive suburbs.
Eden Prairie ranks among the top places to live in the U.S. MSP International Airport, grocery and retail stores, and key employers are nearby. Its school district is well-regarded.
The 2001-completed community, which added 18 units in 2018, has an average unit size of 1,158 square feet. The units have stainless steel appliances, granite countertops, full-size in-unit washers and dryers and spacious floorplans.
Balconies and gas fireplaces are included in some units. Key shared amenities are a gym, clubroom, indoor pool, courtyard with fire pit and grills and garage parking.
Earlier this year, Chicago-based Habitat acquired Seasons Villas, a 214-unit townhome-style rental community in Woodbury, Minn., from Boston Capital Group. The property—in a Twin Cities suburb—was previously managed by Willow Bridge Property Co.
Habitat’s vice president of investments, Zach Zalar, told Multi-Housing News, “Similar to Chicago, Minneapolis has always been a pretty stable rental market in terms of navigating national economic downturns due to strong fundamentals like steady job growth and employment thanks to Fortune 500 companies like Target, UnitedHealth Group and 3M.”
“These are all qualities that attract renters and help keep property values and appreciation relatively steady. They certainly factored into our acquisition of Seasons Villas.”
The Middle-Income Affordable Preservation Fund, a $150 million joint venture between Enterprise Community Partners and Bank of America Community Development Co., supported the purchase. Habitat did not disclose the sales price.
The fund focuses on preserving “missing middle” housing by investing equity capital to develop and acquire properties generally between 80 percent and 120 percent AMI.
CBRE’s Minneapolis team represented the seller.
In October, Saturday Properties sold Minneapolis-area B-Side Apartments and its 147 units to Turner Impact Capital with the help of JLL Capital Markets.
