MINNEAPOLIS, MN – JLL Capital Markets today announced that it has completed the sale and arranged new agency financing for Cottages of Cottage Grove, a 59-unit multi-unit community located in Cottage Grove, Minnesota.
JLL acted for the seller, SWS Properties, LLC, in closing the sale to the buyer, Ballast Real Estate Parkers of Milwaukee, WI. JLL also worked on behalf of the buyer to secure financing.
The property spans nearly five acres, totals 55,696 rentable square feet and includes one, two and three bedroom floor plans. Due to the limited development of new rental units in the Cottage Grove submarket, the property has shown a historically high occupancy rate and very low turnover, which has attracted many bidders.
Located at 8240 E. Point Douglas Rd. S. in Washington County, the suburban-oriented property is a short drive from Minneapolis, St. Paul and Woodbury. Boasting itself as a quaint community, the Cottages of Cottage Grove are ideally located with direct access to a variety of nearby amenities including restaurants, grocery stores, and retail businesses including Culvers, ALDI, Target and Starbucks.
The JLL Capital Markets team representing the seller was led by Senior Managers Mox Gunderson, Josh Talberg and Dan Linnell and Director Adam Haydon. Funding was led by Senior Director Brock Yaffe and Director Pat McMullen.
“The Cottage Grove cabins were developed under the Low Income Housing Tax Credit program and still have three years of its extended use period,” Gunderson said. “As such, the offer attracted various bidders with different assignments and ultimately secured nine offers with addresses from across the country.”
JLL Capital Markets is a global full service provider of capital solutions for real estate investors and occupants. The company’s in-depth knowledge of the local market and global investors provides best-in-class solutions to clients – whether it is investment selling advice, debt placement, equity placement or recapitalization . The company has more than 3,700 financial market specialists around the world and offices in nearly 50 countries.
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