JLL Capital Markets led the sales efforts for the 48-home townhome community
News release
10 June 2024
Shalimar Estates in suburban Minneapolis trades hands
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MINNEAPOLIS, June 10, 2024 – JLL Capital Markets announced today that it closed the sale of Shalimar Estates, a 48-home townhome community located in Burnsville, Minnesota.
JLL represented the seller, Gaughan Companies, in the sale of the property. Shalimar Estates is part of Gaughan’s larger 800-unit Minnesota Legacy Apartment Portfolio that JLL has been marketing for sale.
Shalimar Estates is located on 5.61 acres at 13340 Parkwood Dr. in Burnsville, a south suburban city located 25 minutes from Minneapolis and St. Paul. Residents have access to the Burnsville Transit Station and Interstate 35, which provide easy access into the Twin Cities. In addition, the property is close to the Minneapolis-St. Paul Airport and the world-famous Mall of America.
The property consists of three-bedroom units located within attached three-story buildings with garages on the ground level. Individual units feature washer/dryers, large closets, patios or balconies and air conditioning.
The JLL Capital Markets Investment Sales Advisory team was led by Managing Director Josh Talberg and Senior Director Bill Mork.
“This is the sixth property to trade within Gaughan’s nearly 800-unit portfolio and as we’ve witnessed with the prior properties there is strong investor interest for multi-housing in the Twin Cities market given the strong demographics and strength of the local economy,” Talberg noted.
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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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 108,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Gaughan Companies
Gaughan is a full-service commercial real estate company with multiple specified divisions. Founded by Patrick Gaughan in 1969, the company is committed to serving local commercial and municipal facilities, multi-unit complexes, and other public and private properties in the Twin Cities metro area with honesty, integrity, positivity, and quality. Gaughan doesn’t make promises it can’t keep and they don’t cut corners. Gaughn is passionate about the Twin Cities region and the culture of the area; they are always excited to help their clients discover new real estate opportunities, enhance their properties, and improve the community. For more information, please visit gaughancompanies.com.