ANDOVER, Minn. — JLL Capital Markets has arranged the sale of The Estates at Arbor Oaks, an active adult community in Andover, a northern suburb of Minneapolis.
Estates of Arbor Oaks LLC sold the property to PC Arbor Oaks for $18.8 million.
The Estates at Arbor Oaks sits on 12.5 acres and features 66 one-, two- and three-bedroom units. It was 95.5 percent occupied at the time of sale.
The JLL Capital Markets team representing the seller was led by Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon. The JLL Financing team of Matt Steffen, Ken Dayton and Russ Kappenman arranged acquisition financing for the buyer.
“As the only newly constructed multi-housing asset in Andover, Estates at Arbor Oaks has been in strong demand since it opened its doors,” says Linnell. “Residents enjoyed the surrounding single-family homes designed for other active adults and nearby assisted living facility for a continuum of available care options. Many residents have families in this growing suburb, full of families.”