A joint venture between Harbert Management and Magellan Investment Partners sold Cascade at Town Center, a 204-unit multifamily community in Eden Prairie, Minn.
JLL represented both the seller and the buyer, FPA Multifamily, on whose behalf JLL also worked to arrange the financing through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, a Freddie Mac Optigo Lender.
Cascade at Town Center is located at 12100 Singletree Ln., near Interstate 494, U.S. Highway 212 and state highways MN-62 and MN-169, offering access to employment hubs, grocery and retail opportunities and the MSP International Airport.
Cascade at Town Center, built in 2001 with 18 additional units added in 2018, offers a mix of studios and one-, two- and three-bedroom units, with a spacious average unit size of 1,158 square feet. Units feature stainless steel appliances, granite countertops, full-size in-unit washers and dryers and spacious floorplans, with select units offering st
