Minnesota multi-housing community sells for $73.75M
JLL Capital Markets arranged the sale and the $47.93M acquisition financing for the 246-unit Rush Creek Apartments in the Twin Cities suburb of Maple Grove
MINNEAPOLIS, July 25, 2022 – JLL Capital Markets announced that it has closed the $73.75 million sale of and arranged the $47.93 million financing for Rush Creek Apartments, a 246-unit, newly built multi-housing community in the Twin Cities suburb of Maple Grove, Minnesota.
JLL marketed the property on behalf of the seller, a partnership between Trident Development, based out of St. Cloud, Minnesota, and North American Development Group (NADG), based out of West Palm Beach, Florida. Additionally, working on behalf of the new owner, JLL secured the Fannie Mae near stabilization loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
Built in 2021, Rush Creek offers studio, one-, two- and three-bedroom units with granite counters, stainless steel appliances, energy efficient appliances, in-unit washers and dryers, a private patio or balcony, walk-in closets and an average size of 988 square feet. Community amenities include a 24-hour fitness center, a business center, a swimming pool with a sundeck, a community clubhouse, heated underground parking and an oversized outdoor patio.
Located at 7148 Brockton Lane N., the property provides residents a 40-minute drive to all major Twin Cities employers via Interstates 94 and 494. The community is located within Medical Alley, which is one of the fastest growing and most concentrated medical technology clusters in the world. Additionally, the property is adjacent to a 96,000-square-foot Hy-Vee grocery store, a six-minute drive from The Shops at Wedgewood and a nine-minute drive from Shoppes at Arbor Lake.
The JLL Capital Markets Team representing the seller was led by Managing Directors Dan Linnell, Mox Gunderson and Josh Talberg and Senior Director Adam Haydon. Managing Director Brock Yaffe led the JLL Capital Markets Debt and Equity Advisory Team representing the borrower.
“Trident Development and NADG delivered the perfect product for the Twin Cities suburbs with Rush Creek,” said Linnell. “The property was fully amenitized with expansive units in a rapidly growing pocket of Maple Grove just 25 minutes from Downtown Minneapolis, allowing it to experience a rapid lease up with very minimal concessions. In addition to the impressive medical technology story developing in Maple Grove, the buyer was very attracted to all the tailwinds pointing to rent growth for years to come.”
Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.
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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 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 $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About North American Development Group
North American Development Group (“NADG”) was founded in 1977 and is a full-service vertically-integrated real estate platform with over $5.5 Billion of assets under management. NADG has been active in the acquisition and development/redevelopment of over 250 shopping centers, mixed-use and residential projects comprising well over 35 million square feet across the United States and Canada.
NADG operates within four distinct platforms: NADG Retail, NADG Residential, NADG NNN REIT and CentreCorp Management Services, NADG’s wholly owned real estate services company.
NADG has completed (or is under development on) over 9,300 residential units, with an additional pipeline of approximately 7,800 units, and has improved over 1,000 acres of land, with a pipeline of another approximately 1,000 acres of land to be developed and sold to homebuilders and end users.