JLL has arranged the sale of Twelve 501 Apartments, a 336-unit multifamily community located in Burnsville, Minnesota. The transaction marks Osso Capital’s first investment in the state, underscoring growing institutional interest in the Twin Cities apartment market.
JLL Capital Markets represented the seller, FPA Multifamily, and also secured the buyer, Osso Capital. The JLL team was led by Managing Director Josh Talberg, Director Joseph Peris and Associate Eli Smith. In discussing the transaction, Talberg pointed to the combination of asset quality and market characteristics as key to the buyer’s decision to enter the region.
Talberg noted that the quality of Twelve 501 Apartments, together with its strong location fundamentals, makes the community a compelling investment and a strategic entry point for Osso Capital. He added that the Twin Cities’ solid multifamily fundamentals continue to attract national attention, with new capital flows consistently coming into the market.
Twelve 501 Apartments is situated in Burnsville’s downtown corridor, an area that features urban-style amenities and retail options. The four-story property was originally built in 1986 and has undergone extensive renovations beginning in 2017, reflecting ongoing reinvestment in the asset.
The community offers spacious residential layouts and a wide variety of shared community amenities, positioning it competitively within the local rental market. The property sits on a 14.62-acre site that overlooks the Birnamwood Golf Course, providing residents with a landscaped, open setting adjacent to recreational space.
The sale highlights continued investor appetite for stabilized, renovated multifamily communities in established suburban nodes within the Twin Cities region. With national buyers like Osso Capital making their first moves into Minnesota, the transaction illustrates how institutional capital is continuing to diversify across secondary and tertiary submarkets within larger metros in search of durable income and stable fundamentals.
While financial terms of the transaction were not disclosed, the deal structure, featuring a national buyer, an experienced multifamily seller in FPA Multifamily, and a capital markets team led by JLL, reinforces the role of well-located, upgraded 1980s-vintage assets as a key segment of current multifamily investment activity in the Minneapolis–St. Paul area.
