Suburban Twin Cities Asset Trades for $74M
The 246-unit community came online last year.
JLL Capital Markets has facilitated the sale of Rush Creek Apartments, a 246-unit multifamily community in Maple Grove, Minn., a Twin Cities suburb, for $73.8 million. The company also secured $47.9 million in Fannie Mae acquisition financing. The seller was a partnership between Trident Development and North American Development Group.
Built in 2021, Rush Creek Apartments is located at 7148 Brockton Lane N. and encompasses five three-story buildings on 6 acres. The community comprises one-, two- and three-bedroom units between 577 and 1,508 square feet, Yardi Matrix data shows. The units are equipped with stainless steel appliances, walk-in closets and granite counters, as well as washers and dryers. Common-area amenities include a fitness center, clubhouse, business center, swimming pool and 369 parking spots.
The property is situated 7 miles from The Shoppes at Arbor Lakes and 17 miles from central Minneapolis. The community is close to Highway 55, Interstate 94 and Interstate 494, offering access to the area’s major employers.
JLL Managing Directors Dan Linnell, Mox Gunderson and Josh Talberg and Senior Director Adam Haydon represented the seller. Managing Director Brock Yaffe of JLL Capital Markets’ debt and equity advisory team represented the borrower.
The Twin Cities multifamily market is well on its way to recovery, with fundamentals steadily improving. Sales hit $452 million in the first quarter of this year, above the volume recorded during the same period of 2021.