Sale of multi-housing community in the Twin Cities medical alley closes

23 May 2023

MINNEAPOLIS – JLL Capital Markets announced today that it has closed the sale of Urbana Court, a 207-unit, multi-housing community located in the heart of the Twin Cities medical alley in Brooklyn Park, Minnesota.

JLL worked on behalf of the seller, Trident Development, LLC, and buyer, Turner Impact Capital, a leading real estate investment firm dedicated to social impact, acquiring the asset for Turner Multifamily Impact Fund II.

Completed in 2021, Urbana Court’s studio, one- and two-bedroom units feature full-size washers and dryers, stainless steel appliances, granite countertops and an average size of 877 square feet. The best-in-class community amenities include a pool and pool house, 24-hour fitness center, pickleball courts, private dog park, expansive parking and outdoor pergolas.

Situated at 5401 94th Ave N., the property is located along the rapidly growing 610 Corridor. The area is home to Target's expansive 333-acre northern campus, Medtronic, Olympus, Tesla and many more employers. To the north of the property is the brand new 610 Surgery Center, as well as Rasmussen College, which focuses on teaching future nurses, surgical techs and physical therapists. The location also offers residents immediate access to both Minneapolis and St. Paul, in addition to the corporate headquarters of 16 Fortune 500 companies within a 45-minute drive.  

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Directors Dan Linnell, Mox Gunderson, Josh Talberg and Senior Director Adam Haydon.

“The Highway 610 Corridor in Brooklyn Park has seen explosive job growth and investment since its connection to I-94 westbound in 2017,” said Linnell. “Trident seized this opportunity and began developing in the area back in 2017, most recently starting construction on Urbana Court Apartments in 2019 and completing the asset in 2021. JLL had the opportunity to work with them on the initial construction financing, as well as the ultimate sale four years later. Trident focuses on developing attainable luxury multi-housing projects surrounding the Twin Cities.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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