Twelve 501 Apartments — Sale in Cleveland, OH

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Business
  • Location: Cleveland, OH 44114
  • Size: 329,008 SF
  • Year built: 1986

Description

Jones Lang LaSalle (JLL) is pleased to offer for sale Twelve 501 Apartments, a 336-unit multifamily community in the heart of Burnsville, MN. Built in 1986 and extensively renovated, this asset offers investors a unique opportunity to capitalize on stable growth drivers and consistent submarket momentum. Strategically positioned in Burnsville's vibrant Heart of the City (HOC), Twelve 501 boasts exceptional accessibility to live, work, play opportunities. Its prime location adjacent to I-35W and I-35E offers residents seamless connectivity throughout the Twin Cities Metro, further enhanced by proximity to major transit nodes including the MVTA and MetroTransit Orange Line. The property is positioned minutes away from major employers including Minnesota's premier M Health Fairview Ridges hospital, as well as a number of top-tier global employers throughout the south-central suburbs. Moreover, Minneapolis-St. Paul boasts 16 Fortune 500 employers which are quickly accessible from Twelve 501. The property's appeal is further enhanced by its proximity to several recreational amenities and retail hubs such as Buck Hill, Crystal Lake, the Ames Center, and adjacent Birnamwood golf course, plus the HOC corridor, Twin Cities Premium Outlets, and Downtown Apple Valley. Currently 97% occupied, Twelve 501 is exceptionally well-positioned for continued strong and stable performance. The property is also achieving robust trade out and renewal growth of a blended 4%. With trade outs outpacing renewals, 5.8% to 3.2% respectively, the thesis for further growth becomes increasingly compelling, which is underpinned by the competitive set and third party forecasts. Moreover, the market is scheduled to deliver tightly limited supply going forward, putting upwards pressure on rents and driving impressive returns for existing assets such as Twelve 501. Twelve 501 Apartments represents a rare investment opportunity presenting investors with the ability to achieve outsized returns in a sta

Market Context

This commercial property in Cleveland, OH is listed for sale across 329,008 SF. The building dates to 1986. It has been on the market for 82 days. Compare it against other commercial property listings for sale in Cleveland, OH — view the full market.

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