Venture Development Buys Twin Cities-Area Senior Property
The community includes a mix of townhomes and cottage-style residences.
Venture Development Group has acquired Park Villas Apartments, a 55-plus apartment community located in Waite Park, Minn. JLL represented the seller, Podawiltz Development Corp., and secured the buyer of the multifamily community. A purchase price was not disclosed.
Situated at 500 Third St. S. in Waite Park, about 70 miles northwest of the Twin Cities of Minneapolis and St. Paul, Park Villas Apartments is a seven-acre, 12-building 95-unit property offering 71 one-story cottage-style residences and two dozen two-story townhome apartments with private garages. It was completed in 1991 and largely renovated in 2008. Residences measure an average of 930 square feet in size.
Interior features and finishes of apartments include above-standard ceiling heights, microwave ovens, high-speed internet access and in-unit washer-dryers. Additional features include private balconies, patios and entryways.
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Common-area amenities include controlled access, a community room and playground as well as attached garages available for an additional $30 per month.
Residents at Park Villas Apartments are able to walk to three different shopping centers within six to seven minutes. A number of parks and recreational opportunities are located within a brief drive. They include the St. Cloud State University Planetarium, St. Cloud Area Family YMCA, Munsinger Gardens, Clemens Gardens, and Saint John’s Arboretum. St. Cloud Hospital is about 10 minutes away by private vehicle.
Strong fundamentals
Waite Park is within the St. Cloud metropolitan area, northwest of the Twin Cities. That market continues to display robust fundamentals, including vacancy rates of only 2.7 percent and only 48 units being built within a five-mile radius of Park Villas, according to JLL. Data from Yardi Matrix’s most recent Twin Cities multifamily report found that found asking rents had enjoyed a modest rebound, rising to positive territory, while job growth was also up.
