The JLL Capital Markets team of Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon represented the seller of a 66-unit active adult community near Minneapolis, Minnesota, with another JLL team financing the deal too.
Set on 12.5 acres in the town of Andover, this community consists of one-, two- and three-bedroom apartments, which are newly constructed with screened-in balconies, in-unit washer and dryers and full kitchens. Amenities include continental breakfast every morning, social and recreational programs, a bistro, salon, fitness center, underground parking and car wash station, pickleball court, outdoor patio with grills and fireplaces and an outdoor gardening area. With all those amenities, it’s no wonder occupancy was at 95.5%.
The seller, an affiliate of Trident Development, built the community in 2016 with the operator, Tealwood Senior Living. An LLC linked to Provo, Utah-based Peak Capital Partners, an owner/operator of apartment properties, emerged as the buyer, paying $18.75 million, or $284,100 per unit. JLL’s Matt Steffen, Ken Dayton and Russ Kappenman helped arrange acquisition financing to fund the deal.
