Woodside Apartments

Woodside Apartments consists of 432 apartment homes across eight buildings and 26 acres and was completed in phases from 2013 to 2018. The property offers best-in-class amenities, including an outdoor pool, hot tub, fitness center, and a resident clubhouse. The apartments feature stainless-steel appliances, in-unit laundry, central-air conditioning, and oversized balconies ensuring a modern living experience.

Located on the rapidly developing east side of Mankato, this property is perfectly positioned to benefit from the area's continued growth and stability. Mankato has established itself as a regional hub for healthcare, education, and manufacturing with major employers such as Mayo Clinic, Taylor Corporation, and Minnesota State University, Mankato, driving the local economy.

Mankato has continued to demonstrate strong employment performance, with unemployment rates consistently below both the U.S. and Minnesota averages. Notably, at the end of 2023, Mankato's unemployment rate of 2.00% was well below the U.S. average of 3.90% and the Minnesota average of 2.70%. Among comparable-sized MSAs, Mankato tied with Ames, IA for the lowest unemployment rate in the Midwest, highlighting its stable job market.

Historically, the Mankato MSA has experienced strong rent growth due to a supply-constrained housing market. With a growing population, a high demand for housing, and limited supply pipeline, the market occupancy for newly constructed apartments exceeds 97%. Since 2020, only 513 units have been delivered within the market, with an additional 104 units currently under-construction, and only 152 units that are currently proposed to be built. This presents investors with an exceptional opportunity to not only quickly build scale in an expanding MSA, but also experience strong rent and occupancy performance in supply-constrained market as well.

Offered for sale free and clear of existing debt, Colliers is seeking qualified investors to purchase this asset with an anticipated closing date in Q3 2024.