JLL Arranges Sale of 95-Unit Minnesota Apartment Complex

JLL has arranged the sale of Park Villas Apartments, a 95-unit apartment community situated on seven acres in Waite Park, Minnesota.

JLL represented the seller, Podawiltz Development Corporation, and secured the buyer, Noel Johnson and Jamison Kohout of Venture Development Group. JLL Capital Market’s Investment Sales and Advisory team, representing the seller, was led by Managing Director Josh Talberg, Director Joseph Peris, Senior Managing Director Ken Dayton, Senior Director Pat McMullen and Analyst Jack Graveline.

Park Villas Apartments, located at 500 3rd St S in Waite Park, offers residents a 55 and over community featuring 71 one-story cottage-style units and 24 two-story townhome apartments. The property, constructed in 1991 and extensively renovated in 2008, spans 7.15 acres and provides 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 Talberg.

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