Sprawling townhome community transacts in Minnesota

MINNEAPOLIS, Nov. 27, 2024 – JLL Capital Markets announced today that it has secured the sale and financing of Cottages of Aspen, a 114-unit townhome community in Oakdale, Minnesota.

JLL represented the seller, Podawiltz Development Corporation.

Cottages of Aspen is strategically located at 1745 Granada Ave N., one of the Twin Cities' most desirable suburban communities. The property offers residents immediate access to major employers, shopping districts and recreational amenities, including the adjacent 40-acre Richard Walton Park.

Oakdale has transformed into a thriving suburban hub, attracting a diverse mix of residents with its strong job market, excellent schools and high quality of life. With a median household income of $103,623 within the city, the area continues to draw families, young professionals and empty-nesters alike.

The Cottages of Aspen, a 55+ townhome community built in 1991 and renovated in 2008, offers a desirable living experience with its high 95% occupancy rate. Spanning 99,600 rentable square feet, the community features one- and two-bedroom units averaging 874 square feet, each boasting modern finishes, appliances, a front porch and a private garage. Residents enjoy a range of community amenities, including a community room with a library, ponds, walking areas and spacious lawns, creating a comfortable and engaging environment for active seniors.

JLL Capital Market’s Investment and Sales Advisory team was led by Managing Director Josh Talberg and Director Joseph Peris. JLL’s Debt Advisory team was spearheaded by Senior Director Pat McMullen.

"The Cottages of Aspen transaction exemplifies the strong demand for high-quality, age-restricted communities in prime suburban locations," said Talberg. "With its strategic positioning near Richard Walton Park in Oakdale, robust occupancy and attractive amenities, the property garnered multiple bids from across the Midwest region.”

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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Podawiltz Development Corporation, led by Key Principal James Michael Podawiltz, is a Saint Cloud, Minnesota-based company specializing in land subdivision, heavy and civil engineering construction and residential land development.