Gaughan Cos. Sells Suburban Twin Cities Community
JLL Capital Markets acted on behalf of the seller.
Gaughan Cos. has sold Village Apartments in Forest Lake, Minn., for $24.5 million. JLL Capital Markets represented the seller of the 252-unit community, which is part of an 800-unit Minnesota portfolio that the brokerage company has been marketing for sale.
Located at 407 SW 11th Ave., Village Apartments spans across 13 acres and provides easy access to St. Paul, Minn, via Interstate 35. Completed in 1978, the seven-building community features a mix of studio, one- and two-bedroom units ranging between 400 and 1,090 square feet, according to Yardi Matrix. Residents have access to 21 laundry facilities, a swimming pool, picnic areas and a playground.
The asset is subject to a Fannie Mae loan with a fixed annual interest rate of 5.61 percent. Originated in 2022 by Arbor Realty Trust, the $18 million loan matures in 2032.
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Managing Director Josh Talberg from JLL’s Investment and Sales Advisory department led the team that worked on behalf of the seller in this transaction. At the time of the sale, Village Apartments was more than 95 percent occupied.
According to the same data provider, Gaughan Cos. owns three other properties in the suburban Twin Cities metro area, totaling 422 units. The locally based firm is also developing a 100-unit multifamily project in Forest Lake.
