Sale and financing arranged for Cascade at Town Center in Minnesota

MINNEAPOLIS, Mar. 10, 2025 –  JLL Capital Markets announced today that it has arranged the sale and financing of Cascade at Town Center, a 204-unit multifamily community in Eden Prairie, Minnesota.

JLL represented both the seller, a joint venture between Harbert Management and Magellan Investment Partners and the buyer, FPA Multifamily, who JLL also worked on behalf of to arrange the financing through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo Lender.

Cascade at Town Center at 12100 Singletree Ln., is situated in a prime location within one of Minneapolis' most desirable suburbs. The community is located near the I-494, US-212, MN-62 and MN-169, offering quick access to prominent employment hubs, grocery and retail opportunities and the MSP International Airport.

Eden Prairie has been consistently ranked as one of the best places to live in the United States, known for its excellent schools, abundant parks and strong job market. The Minneapolis-St. Paul metro area continues to demonstrate strong multifamily fundamentals, with steady rent growth and high occupancy rates. Eden Prairie, in particular, has seen limited new supply, making existing assets like Cascade at Town Center increasingly valuable.

Cascade at Town Center, built in 2001 with 18 additional units added in 2018 offers a mix of studios, one-, two- and three-bedroom units, with a spacious average unit size of 1,158 square feet. Units feature stainless steel appliances, granite countertops, full-size in-unit washers and dryers and spacious floor plans, with select units offering step-out balconies and gas fireplaces. Community amenities include a gym, clubroom, indoor pool, courtyard with fire pit and grills and garage parking.

JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Managing Director Josh Talberg, Director Joseph Peris and Managing Director Mark Stern. JLL Capital Market’s Debt Advisory team was spearheaded by Senior Managing Director Elliott Throne and Managing Director Scott Loving.

"We are excited for the FPA team and their expansion within Minnesota with the purchase of Cascade at Town Center," stated Talberg. "This investment opportunity was well received by the marketplace, drawing interest from local and national investors due to its truly irreplaceable nature and core Twin Cities location with further transit-oriented connectivity upon completion of the green line extension. Cascade boasts a long and wide runway for growth highlighted by several demand drivers both adjacent in the immediate Town Center community, as well as the broader Southwest submarket."

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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Harbert Management Corporation (HMC) is an investment management firm specializing in alternative assets with approximately $8.3 billion in Regulatory Assets Under Management as of January 31, 2025. HMC focuses on diverse asset classes including U.S. and European Real Estate, Seniors Housing, Infrastructure, Growth Equity, Credit Solutions and Absolute Return Strategies, with headquarters in Birmingham, AL and offices across the United States and Europe. The firm and its affiliates make significant co-investments in their sponsored funds, ensuring alignment with investors and maintaining a strong focus on returns and strict operational controls.

Magellan Investment Partners (MIP), founded in 2014 by David Levin and David Carlins of Magellan Development Group, brings over 65 years of combined experience in multifamily real estate investment and development. The principals have completed over $8B in multifamily transactions throughout the United States, investing on behalf of major institutional investors and leveraging their expertise in development, investment and asset management to acquire and renovate value-add and select core plus opportunities. MIP focuses on specific domestic markets with strong economic fundamentals and demographics, currently owning multifamily assets in Austin, Dallas, Minneapolis and Orlando.

FPA Multifamily, a privately held real estate investment firm with over 40 years of experience, specializes in acquiring, managing and repositioning multifamily properties across the United States. With more than $15 billion in assets under management, FPA Multifamily has transacted on approximately $28 billion worth of assets, including 805 buildings and over 165,500 units, showcasing their expertise in identifying and capitalizing on value-add and core-plus opportunities in major US cities.