|Number of units||23|
JLL, as exclusive advisor, is pleased to offer for sale Pleasant Villas ("the Property"), a 1964 boutique, 23-home multifamily community located in the West Seventh neighborhood of Saint Paul.
The trendy West Seventh neighborhood offers immediate access to the Saint Paul and Minneapolis Downtowns’, and the greater Twin Cities metro area through many throughways. Residents, mainly comprising of young professionals, enjoy dining at restaurants like Tavial Grill and Brake Bread, and they spend a lot of time at the numerous green spaces located right off the Mississippi River. Also, the University of St. Thomas, Macalester University, St. Catherine University, and Concordia University are all within a close proximity. Pleasant Villas is positioned for long-term appreciation and rental growth in a Saint Paul neighborhood where more than 50% of residents choose to rent rather than own. Situated in the growth path of Saint Paul’s most vibrant communities, the property has a distinct competitive advantage with rising construction costs and a dwindling supply of buildable sites - attributing to the area’s high-barrier to entry atmosphere.
With all new windows 5 to 6 years ago, updated common areas in the last five years, and eight unit renovations completed in the last four years, it’s obvious a lot of time and money has been spent on the property. On top of that, the long-term historical success of the property combined with today’s record low interest rates empowers a new owner to step into this meticulously maintained property.
Pleasant Villas is a unique opportunity to purchase a turnkey asset in one of St. Paul’s most coveted communities allowing an investor to enter a high-growth market at an extremely attractive basis.
Premium Building Upgrades
Extensive renovations conducted on the common areas, unit interiors, and exteriors with an emphasis on maintaining the original vintage feel
Attractive going-in basis well below today’s high replacement costs with the ability to place historically low financing to maximize cash-on-cash returns
Supply constrained, high-barrier-to-entry West Seventh neighborhood