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Rural Minnesota Affordable Housing Portfolio Trades Hands
JLL has arranged the sale of two affordable housing communities in rural Minnesota.
JLL represented the seller in both transactions, Gaughan Companies as part of a larger affordable portfolio consisting of five assets totaling 256 homes. The buyer was a local Twin Cities company that specializes in acquisition rehabs to maintain long-term viability of apartment communities.
Braham Meadows is located at 106-108 5th St NW in Braham, approximately 60 miles north of Minneapolis. The property, built between 1978 and 1980, offers 42 homes across 262,144 square feet, with an average unit size of 1,024 square feet.
Sandy Pines is situated at 709 Old Military Rd. S in Sandstone. Established in 1979, it features 42 units across 47,400 square feet of rentable space on three acres of land. Both properties maintain an 88% occupancy rate and offer two- and three-bedroom apartments.
“The strong investor interest we’ve seen reflects the growing demand for affordable housing options and the stability offered by HAP contracts in today’s market,” said Talberg.
