Twin Cities Senior Community Trades in $19M Deal
- Jan 29, 2021
The Estates at Arbor Oaks, a 66-unit suburban Minneapolis senior property, has changed hands for $18.8 million. JLL Capital Markets facilitated the disposition of the community designated for residents 55 and over.
According to public records, an entity affiliated with Peak Capital Partners picked up the newly constructed property from its original developer, Arbor Oaks LLC, linked to Trident Development. JLL also assisted the buyer in obtaining acquisition financing.
The seller purchased the 12.5-acre site at 1753 156th Lane NW in Andover, Minn., in 2016 for nearly $840,000, according to Anoka County records. Located roughly 22 miles north of downtown Minneapolis, the property is in proximity of Bunker Hills Regional Park.
The property comprises 66 one-, two- and three-bedroom units, across roughly 68,000 square feet. Apartments offer balconies, washer and dryers, walk-in closets and full kitchens. Community amenities include a bistro, a salon, a fitness center and underground parking with car wash station. Outdoor activities are supported by a pickleball court, gardening area and patio with grills and fireplaces. At the time of the sale, the community was 95.5 percent occupied.
JLL’s Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon brokered the deal on behalf of the seller, while Matt Steffen, Ken Dayton and Russ Kappenman arranged the financing for the buyer.
Last October, Peak Capital expanded its Charlotte, N.C.-area footprint with a large portfolio acquisition. The Provo, Utah-based company paid $181.5 million to Threshold Capital and BMA Capital for 1,249 units across eight communities.