Gaughan Companies has sold Village Apartments, a 252-unit multi-housing community in Forest Lake, Minn., for $24.5 million.
JLL worked on behalf of the seller.
Situated at 407 11th Ave. SW, Village Apartments offers its residents the convenience of being close to Interstate 35. With easy access to nearby public beaches, walking paths, entertainment options and shopping centers, residents can fully enjoy the vibrant surroundings. Forest Lake is a sought-after Twin Cities suburb located just 30 minutes from St. Paul, providing residents with easy access to the broader metro while maintaining its small-town charm and natural beauty centered around one of the metro's largest lakes.
Built in 1969, the community consists of three-floor brick and wood apartment buildings and detached rentable parking garages, as well as surface spaces available for residents. The complex has historically maintained a strong occupancy rate of above 95 percent and offers residents a vari
