CHASKA, MN—JLL Capital Markets has completed the $15.65 million sale of River Gables, a mixed-use multifamily project, to San Francisco, CA-based FPA Multifamily. River Gables, located at 110 First Street East in downtown Chaska, MN, includes 104 residential units and more than 10,000 square feet of street-level retail.
Senior vice presidents Mox Gunderson, Josh Talberg, and Dan Linnell handled the sale on behalf of the seller.
“The Twin-Cities multifamily market continues to see significant demand from investors across the country due to strong job growth and low unemployment,” says Gunderson.
River Gables was built in 2001 and offers four stories of mixed-use space. The building's convenient location one block north of the Minnesota River in Chaska's historic downtown area provides easy access to shops, restaurants, entertainment and green space. River Gables includes five retail suites (60 percent occupied at the time of the sale) and a 104-residential unit (99 percent occupied at the time of sale) with studio and one- and two-bedroom apartments with a full suite of modern amenities, 94 heated underground parking stalls and 40 surface parking spaces.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
