Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Attributes

Year Built 1970
Building Area
Number of units 55

Property Description

Jones Lang LaSalle (JLL) is pleased to present The Mendota – a 55-home, freshly renovated apartment community located at the intersection of Mendota Heights, West Saint Paul & Sunfish Lake. Sunfish Lake is known for its tranquility and beauty. This premier location offers easy access to The Village, a boutique retail center just down the bike path from The Mendota. The area is filled with a vast array of stores and restaurants, while also being home to numerous lakes, green fields, and parks. Located in a first ring suburb, residents enjoy a peaceful residential experience but benefit from a quick, five mile drive to Downtown Saint Paul and all the employment and entertainment opportunities that it has to provide. Employers, such as the State of Minnesota, 3M, and Thompson Reuters, have created strong demand for the city of West Saint Paul leading to below average vacancy rates and above average rent growth. In Q1 of 2020, the average vacancy rate within 3 miles of The Mendota was 2.6% and the average annual rent growth in the same area from 2015 to 2019 was 3.53%.


On top of the countless benefits The Mendota receives because of its location, the property is also positioned to benefit from more than $700,000 in renovations. From the exterior, to the common areas, to the units, nothing went untouched in the recent renovation of The Mendota. Now, not only do residents enjoy underground heated parking, a pool, and a sauna, but they get to live in a home filled with high-end finishes, such as quartz countertops and stainless steel appliances. The quality and finish of the renovations are second to none and have powerfully resonated with prospective tenants. When compared to the nearby competitive set, The Mendota stands alone in offering a high quality of living at an affordable price. This is none more evident than the fact that the property’s occupancy increased 8 percent in the month of October as renovations were wrapping up. The Mendota truly offers best-in-class finishes at below market prices.


The offering provides investors a unique opportunity to acquire a high yield asset that is located in one of the most sought after Saint Paul suburbs. Coupled with historically low interest rates, the new owner of The Mendota is going to significantly benefit from the returns the property provides as rents are pushed to the newly renovated market levels making this a deal that should not be missed.

Investment Highlights


  • In Q1 of 2020, average vacancy rate within 3 miles of The Mendota was 2.6%
  • Average annual rent growth in the same area from 2015 to 2019 was 3.53%
  • The property is positioned to benefit from more than $700,000 in renovations
  • Occupancy increased 8 percent in the month of October as renovations were wrapping up
  • New dog park, pet wash station, LED garage lighting, Sheetrock, lighting sconces, carpet & refinished doors in hallways
  • Updated pool area and fitness center
  • New Goodyear roof in the last 10 years with 15 years of life left
  • New windows and sliding doors in the last 10 years
  • 93% of units renovated
Last Updated Date: 09 Nov 2020
Dan Linnell
Dan Linnell
Senior Director, Capital Markets
Mox Gunderson
Mox Gunderson
Senior Director, Capital Markets

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Last Updated Date: 09 Nov 2020

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