MINNEAPOLIS, June 10, 2024 -JLL Capital Markets announced today that it closed the sale of Shalimar Estates, a 48-home townhome community located in Burnsville, Minnesota.
JLL represented the seller, Gaughan Companies, in the sale of the property. Shalimar Estates is part of Gaughan's larger 800-unit Minnesota Legacy Apartment Portfolio that JLL has been marketing for sale.
Shalimar Estates is located on 5.61 acres at 13340 Parkwood Dr. in Burnsville, a south suburban city located 25 minutes from Minneapolis and St. Paul. Residents have access to the Burnsville Transit Station and Interstate 35, which provide easy access into the Twin Cities. In addition, the property is close to the Minneapolis-St. Paul Airport and the world-famous Mall of America.
The property consists of three-bedroom units located within attached three-story buildings with garages on the ground level. Individual units feature washer/dryers, large closets, patios or balconies and air conditioning.
The JLL Capital Markets Investment Sales Advisory team was led by Managing Director Josh Talberg and Senior Director Bill Mork.
"This is the sixth property to trade within Gaughan's nearly 800-unit portfolio and as we've witnessed with the prior properties there is strong investor interest for multi-housing in the Twin Cities market given the strong demographics and strength of the local economy," Talberg noted.
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 and 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.
For more news, videos and research resources on JLL, please visit our newsroom.
Attachments
Disclaimer
Jones Lang LaSalle Inc. published this content on 10 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 June 2024 22:26:21 UTC.
