55+ housing community near Minneapolis sold for $18.75M
JLL Capital Markets handled the sale of The Estates at Arbor Oaks
MINNEAPOLIS, Jan. 28, 2021 – JLL Capital Markets announced today that it handled the $18.75 million sale of The Estates at Arbor Oaks, an Active Adult 55+ Community near Minneapolis, Minnesota.
JLL worked on behalf of the seller, Estates of Arbor Oaks, LLC, to complete the sale to the buyer, PC Arbor Oaks, LLC. JLL also represented the buyer in obtaining acquisition financing on the property.
The Estates at Arbor Oaks sits on 12.48 acres, consists of 66 one-, two- and three-bedroom homes and is 95.5% occupied. The homes are newly constructed with screened-in balconies, in-unit washer and dryers, full kitchens and walk-in closets. Resident amenities include continental breakfast every morning, social and recreational programs, a bistro, on-site salon, state-of-the-art fitness center, underground parking and car wash station, pickleball court, outdoor patio with grills and fireplaces and an outdoor gardening area.
The property is located at 1753 156th Lane N.W. in Andover, which is about 30 minutes from Downtown Minneapolis. Andover is a quaint community touted for its beautiful parks and trails.
The JLL Capital Markets team representing the seller was led by Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon. The JLL Financing team was led by Matt Steffen, Ken Dayton and Russ Kappenman.
“It was great working with both parties again for a smooth transaction,” said Linnell. “As the only newly-constructed multi-housing asset in Andover, Estates at Arbor Oaks has been in strong demand since it opened its doors. Residents enjoyed the surrounding single-family homes designed for other active adults and nearby assisted living facility for a continuum of available care options. Many residents have families in this growing suburb, full of families.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.