Roers Cos. has sold Beyond Apartments, a 255-unit community in the Minneapolis-St. Paul suburb of Woodbury, Minn. Affiliates of MLG Capital paid $65.2 million for the property, with JLL Capital Markets securing a 10-year, interest-only Fannie Mae loan funded by JLL Real Estate Capital LLC.
According to JLL Capital Markets Managing Director Mox Gunderson, the buyer was able to capitalize on the investment opportunity early, as the property witnessed a rapid lease-up. Beyond Apartments was 75 percent leased within just four months of receiving its certificate of occupancy in November 2021.
Completed in 2021, the community encompasses two four and five-story buildings with studio, one-, two- and three-bedroom floorplans, ranging from 482 to 1,472 square feet. In-unit features include stainless steel appliances, quartz countertops, washers and dryers, as well as private patios or balconies in select apartments. Residents also have access to a lounge patio, pet wash, coworking lounge, fitness center and golf simulator.
Located at 455 Karen Drive, the community is within one and a half miles of Target and within 3 miles of Tamarack Village, with its variety of retail, dining and entertainment options. Interstate 94 is less than a mile from Beyond Apartments, offering residents easy access to major employment hubs in St. Paul and Minneapolis.
Despite a 5.3 percent annual rent growth, the slowest among the nation’s top 30 metros for rent growth, the development pipeline in suburban Twin Cities remains strong. Currently, 36 properties under construction and 41 planned developments are slated to add more than 12,200 units to the inventory.