JLL has successfully facilitated the sale of two affordable housing communities located in rural Minnesota. The seller, Gaughan Companies, enlisted JLL to represent them in the transaction which included a larger portfolio of five assets totaling 256 homes. The buyer was a local Twin Cities company with expertise in acquiring and rehabilitating apartment communities for long-term sustainability.
One of the properties, Braham Meadows, is situated at 106-108 5th St NW in Braham and is approximately 60 miles north of Minneapolis. Built between 1978 and 1980, this community offers a total of 42 homes spanning across an area of over quarter million square feet with an average unit size measuring at about1,024 square feet.
The other property known as Sandy Pines is located at709 Old Military Rd.Sin Sandstone.Established back in1979,this community features42 units spread out over47 ,400squarefeetof rentable space on three acresof land.Both properties have maintained high occupancy rates averagingat88%and offer spacious two- and three-bedroom apartments.
Talberg commented that there was significant interest from investors due to the rising demand for affordable housing options coupled with stability offered by HAP contracts within today’s market conditions.This successful transaction highlights JLL’s ability to cater to diverse real estate needs while delivering exceptional results for their clients.The news originally appeared on Connect CRE.
