News release

$43.5M sale of Minneapolis-area Class A multi-housing community closes

JLL Capital Markets arranged the sale and $28.275M acquisition loan for Vincent Woods Apartments in Rogers, MN

October 21, 2021

Cierra Lacasse

Hotels & Hospitality and Capital Markets
+ 1602 648 8701

MINNEAPOLIS – Oct. 21, 2021 – JLL Capital Markets announced today that it has closed the $43.5 million sale of and arranged $28.275 million in acquisition financing for Vincent Woods Apartments, a 168-unit, newly-built, Class A multi-housing community in the Twin Cities suburb of Rogers, Minnesota.

JLL marketed the property on behalf of the seller, Trident Development. Timberland Partners acquired the property. Additionally, working on behalf of the new owner, JLL secured the Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.

Completed in 2020, Vincent Woods Apartments comprises studio, one-, two- and three-bedroom units averaging 862 square feet. The units feature chef-inspired kitchens, full-sized washers and dryers, plank flooring, walk-in closets and patio/balconies. The community includes a community room with kitchen lounge, fireplace and television; patio terrace with lounge area and grills; fitness center; access to walking and biking trails; dog park; managed parcel storage system; heated underground parking and surface parking.

Located at 20801 County Road 81, Vincent Woods Apartments is proximate to highways and the Northstar Commuter Line, providing residents with access to regional employment and entertainment hubs in less than 30 minutes. The Minneapolis CBD is known as a med tech hotspot with major employers, including Medtronic, 3M, Boston Scientific and Takeda Pharmaceutical. Proximity to the prestigious University of Minnesota and other highly ranked universities have led to a surplus of highly educated talent in research and management positions. In total, 17 Fortune 500 companies call Minnesota home, and total research and development expenditures for the state totaled $81 billion.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Directors Dan Linnell, Mox Gunderson, Josh Talberg and Director Adam Haydon.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Brock Yaffe, Director Pat McMullen and Senior Managing Director Ken Dayton.

“Trident Development delivered a beautiful project in the rapidly expanding submarket of Rogers, MN,” said Linnell. “The property experienced a robust lease up despite the pandemic and is well positioned for future success. Timberland Partners was ultimately able to orchestrate a 1031 exchange into Vincent Woods following their sale of Eagle Pointe Apartments as they continue to replace legacy assets in their portfolio with newer Class A properties.”  

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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About JLL

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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Timberland Partners

Timberland Partners was founded in 1992, is headquartered in Bloomington, Minnesota, and brings over 40 years of real estate development experience to their projects. Timberland owns and operates nearly 18,000 apartment units in 15 states including North Dakota, Minnesota, Iowa, Illinois, Nebraska, Michigan, Kansas, Ohio, Missouri, Mississippi, Oklahoma, Tennessee, Arkansas, Alabama, and Florida, employs over 450 full and part time employees throughout the United States, and occupies district offices in Detroit, Wichita, St. Louis, Orlando, Nashville, Kansas City, and Des Moines.