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|Number of units||38|
JLL, as exclusive advisor, is pleased to present to qualified investors the sale of Regency Hill, a 38-home, boutique apartment community located in Woodbury, Minnesota. Woodbury is a rapidly growing suburb of Saint Paul, Minnesota. Just 15 minutes east of Downtown Saint Paul and 25 minutes from Downtown Minneapolis, the city is known for the Tamarak Village shopping center, high quality of life, and its highly ranked schools. At the beginning of 2020, Woodbury was ranked the 9th best city to live in the United States. Residents enjoy the perfect blend of suburban living with easy access to downtown employers. Regency Hill was originally developed as a condo-community in 2006. Today, the property has been converted to a single apartment community where residents benefit from in-home laundry, vaulted ceilings, large homes, and unique finishes. Ownership has tested and completed light renovations to select homes and comfortably achieved rent premiums of $30 per month for stainless steel appliances, $20 per month for granite countertops, and $10 per month for hardwood flooring in kitchens. In addition to potential light renovations proven out by ownership, a majority of competitors have already completed full upgrades that are achieving significant premiums over Regency Hill encouraging new ownership to take advantage of this upside. Regency Hill offers investors a rare opportunity to achieve high going-in yields with an asset that is far below today’s replacement costs. Located in one of the top cities in the United States, new ownership will benefit from historically low vacancy rates and above average rent growth. To further maximize yields, the current debt markets are offering historically low interest rates making this not only the perfect property to buy, but also the perfect time to buy.
Between the competitive set’s renovated rents and current ownership’s proven renovation plan, there is a significant upside in returns through renovating the remaining homes.
Strong Asset Performance
Year-over-year, Regency Hill continues to successfully push rents and sees minimal vacancy, concessions, and collection loss. Over the past three years, the property’s annual vacancy has remained under 3.0 percent.
Class A Location
In 2020, Woodbury was ranked the 9th best city to live in the United Sates based on numerous factors, such as the economy, housing market, cost of living, diversity, and education.