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Jones Lang LaSalle (JLL) is pleased to present The Estates at Arbor Oaks, a 55+ independent living community located in Andover, Minnesota. Andover is a quaint, family-friendly, residential neighborhood located 30 minutes north of Downtown Minneapolis. Home to 32,500 residents, Andover has an average household income of $106,000, which is 31% more than Minneapolis and Saint Paul. The city is filled with parks, trails, and many other great outdoor entertainment options. When residents aren’t spending their time at any of the city’s 67 parks, they are often found at Majestics Oaks Golf Club, Bunker Hills Water Park, or shopping at Riverdale shopping centers.
While Andover is a city filled with parks and trails, the one thing it doesn’t have is apartments. The Estates at Arbor Oaks is the only multifamily community located in the city of Andover, and it will likely be the only multifamily community for years to come. There are virtually no development sites available within a 3-mile radius of the Property, and the already strong barriers to entry continue to strengthen with each piece of land that is purchased. This is directly evidenced through the Property’s post-COVID performance. The Estates at Arbor Oaks currently sits at 96% occupancy and rents have increased $23 per unit on average in the past two and a half months.
The newly-constructed Estates at Arbor Oaks offers residents a best-in-class independent living experience. Instead of worrying about daily tasks, such as lawn care, residents enjoy their time at the on-site salon, pickleball court, or outdoor gardening area. The scenic views, community oriented activities, and high-end finishes make it a clear cut decision for anyone seeking an active lifestyle to call home.
The offering provides investors a unique opportunity to purchase a high yield asset in an area that has some of the strongest barriers to entry in the state positioning the Property for low vacancy rates and strong rent growth for years to come. Not to mention, The Estates at Arbor Oaks is home to the nation’s fastest growing demographic, creating a very rare opportunity that should not be missed.
Excellent Area Demographics
The population within a one-mile radius has grown more than 14% over the last 10 years with a median household income of more than $115,000.
Strong Market Fundamentals
Andover exhibits stable market fundamentals with an average unemployment rate 2% lower than the second lowest market in the nation, which is Minneapolis and Saint Paul.
Accessible to Major Employers
The Twin Cities has the largest concentration of Fortune 1000 companies in the world. Located in the northwest submarket, some of the top employers nearby include Medtronic, Boston Scientific, Polaris, and Target.
Outstanding School District
Anoka-Hennepin in one of the largest school districts in Minnesota. Andover high school ranks in the top 5% of high schools in the State of Minnesota.