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JLL Closes Sale of Minneapolis Townhomes
JLL closed the sale of Shalimar Estates, a 48-home townhome community located in Burnsville, Minnesota. The JLL Capital Markets Investment Sales Advisory team was led by Managing Director Josh Talberg and Senior Director Bill Mork.
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. In addition, the property is close to the Minneapolis-St. Paul Airport and the world-famous Mall of America.
“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,” said Talberg.
