**JLL Arranges Sale of 95-Unit Park Villas Apartments in Minnesota**
JLL has successfully arranged the sale of Park Villas Apartments, a 95-unit multifamily community located on a seven-acre site in Waite Park, Minnesota.
The seller, Podawiltz Development Corporation, was represented by JLL Capital Markets’ Investment Sales and Advisory team. The sale was secured by a team led by Managing Director Josh Talberg, Director Joseph Peris, Senior Managing Director Ken Dayton, Senior Director Pat McMullen, and Analyst Jack Graveline. The buyer in the transaction was Noel Johnson and Jamison Kohout of Venture Development Group.
Located at 500 3rd Street South, Park Villas Apartments is a 55-and-over community comprising 71 one-story, cottage-style residences and 24 two-story townhome units. Originally built in 1991 and extensively renovated in 2008, the property spans 7.15 acres and includes 88,405 square feet of rentable space.
“Park Villas represented the strong demand for exurban and secondary markets across the Twin Cities, which our team has been heavily involved in as capital continues to flow through the area,” said Josh Talberg of JLL.
This transaction highlights continued investor interest in well-maintained multifamily properties located in secondary markets throughout the Twin Cities region.
