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Gaughan Cos. has sold Village Apartments in Forest Lake, Minn., for $24.5 million. JLL Capital Markets represented the seller of the 252-unit community, which is part of an 800-unit Minnesota portfolio that the brokerage company has been marketing for sale.
Located at 407 SW 11th Ave., Village Apartments spans across 13 acres and provides easy access to St. Paul, Minn, via Interstate 35. Completed in 1978, the seven-building community features a mix of studio, one- and two-bedroom units ranging between 400 and 1,090 square feet, according to Yardi Matrix. Residents have access to 21 laundry facilities, a swimming pool, picnic areas and a playground.