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JLL closes sale of 336-unit Twelve 501 Apartments in Burnsville
The 14.62-acre, four-story property was built in 1986 and underwent extensive renovations starting in 2017.
JLL has closed the sale of Twelve 501 Apartments, a 336-unit multifamily community in Burnsville, Minnesota, according to ConnectCRE. The firm represented the seller, FPA Multifamily, and secured the buyer, Osso Capital, marking Osso’s first investment in Minnesota.
The property sits in Burnsville’s downtown corridor and includes urban-style amenities along with retail, ConnectCRE reported. It is located on a 14.62-acre site overlooking Birnamwood Golf Course.
ConnectCRE said the four-story building was originally constructed in 1986 and has been extensively renovated beginning in 2017, with the asset offering spacious layouts and a wide variety of community amenities.
JLL Capital Markets leadership on the transaction included Managing Director Josh Talberg, Director Joseph Peris, and Associate Eli Smith, ConnectCRE added, noting Talberg’s view that the asset’s quality and location fundamentals support the investment.