JLL Capital Markets completes $15.65 million sale of River Gables
Includes 104 residential units and more than 10,000 square feet of street-level retail
Minneapolis, December 19, 2018 – JLL Capital Markets has completed the $15.65 million sale of River Gables, a mixed-use multifamily project, to San Francisco, Calif.-based FPA Multifamily. River Gables, located at 110 First Street East in downtown Chaska, Minn, includes 104 residential units and more than 10,000 square feet of street-level retail.
Senior Vice Presidents Mox Gunderson, Josh Talberg, and Dan Linnell handled the sale on behalf of the seller.
“The Twin-Cities multifamily market continues to see significant demand from investors across the country due to strong job growth and low unemployment,” said Mox Gunderson, JLL Senior Vice President.
River Gables was built in 2001 and offers four stories of mixed-use space. The building’s convenient location one block north of the Minnesota River in Chaska’s historic downtown area provides easy access to shops, restaurants, entertainment and green space. River Gables includes five retail suites (60 percent occupied at the time of the sale) and a 104-residential unit (99 percent occupied at the time of sale) with studio and one- and two-bedroom apartments with a full suite of modern amenities, 94 heated underground parking stalls and 40 surface parking spaces.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with operations in over 80 countries and a global workforce of 88,000 as of September 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com