Timberland Partners Pays $44M for Minnesota Community

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The 168-unit Vincent Woods Apartaments came online in 2020 and is LEED Certified.

Vincent Woods Apartments. Image courtesy of JLL

Trident Development has sold Vincent Woods Apartments in Rogers, Minn., for $43.5 million. The buyer was Timberland Partners. JLL Capital Markets brokered the transaction, marketing the property and securing a $28.3 million loan serviced by JLL Real Estate Capital, a Fannie Mae DUS lender.

Built in 2020, Vincent Woods comprises studios and one- to three-bedroom units ranging from 540 to 1,383 square feet, according to Yardi Matrix data. The apartments have washers and dryers, walk-in closets and patios or balconies. The community’s amenities include a lounge area with grills, a fitness center and a dog park. The property is LEED Certified, the same data provider shows.

Located at 20801 Country Road 81, the community is adjacent to Interstate 94 and is situated some 25 miles northwest of downtown Minneapolis. A Target and several other shops and restaurants are located less than 2 miles north. Lions Central Park is within walking distance.

Rogers has benefited greatly from the medical technology industry’s growing presence in the Minneapolis CBD. Major employers include companies such as Medtronic, Boston Scientific, Cummins, Takeda Pharmaceutical, Amazon, FedEx and Target. The city of Rogers is a key distribution gateway between the metropolitan area and outstate Minnesota, with sustainable levels of growth.

New buildings, new prospects

The property experienced a solid lease-up despite the pandemic, according to Dan Linnell, senior director at JLL. Linnell remarked that Timberland Partners was able to complete a 1031 exchange following their recent sale of Eagle Pointe Apartments, a community in West St. Paul, Minn. The Minneapolis-based company’s portfolio encompasses 86 communities across 17 states.

Linnell led the JLL Capital Markets Investment Sales and Advisory team alongside Senior Directors Mox Gunderson and Josh Talberg, as well as Director Adam Haydon. Senior Director Brock Yaffe, Director Pat McMullen and Senior Managing Director Ken Dayton were part of the JLL Capital Markets Debt Advisory team

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