Legacy lakefront apartment community trades for first time in three decades

MINNEAPOLIS, July 24, 2026 –  JLL Capital Markets announced today that it has secured the sale of Medicine Lake Apartments, a meticulously maintained lakefront community that graces the shores of prestigious Medicine Lake in Plymouth, Minnesota.

JLL represented the seller, Bigos Management. The buyer was Weber Organization. 

Medicine Lake Apartments, located at 1300 W Medicine Lake Dr., represents one of the Twin Cities' most unique multifamily assets: an 81-unit community directly on Medicine Lake with 12 private boat slips. This is an amenity that is virtually impossible to replicate in today's regulatory environment. Plymouth consistently ranks as the number one Best Place to Live in Minnesota according to U.S. News, and the property is surrounded by single-family homes valued at over $1 million.

Built in 1977, the four-story property has been exceptionally maintained and features expansive floorplans averaging 948 square feet. The community offers a top-tier amenity package including a 24-hour fitness center, sauna, outdoor pool, multi-sport court, resident clubroom and direct access to the Luce Line Regional Trail.

The property's location positions residents within a 15-minute drive of three Fortune 500 headquarters: General Mills, Target, and Cargill. The asset also sits near Boston Scientific's new 400,000-square-foot expansion in the Arbor Lakes district, part of the world's number one health technology cluster. Residents benefit from the top-ranked Wayzata School District, where the high school maintains a 97 percent graduation rate.

JLL Capital Market’s Sales and Advisory team representing the seller was led by Managing Director Josh Talberg, Director Joseph Peris and Analyst Jack Graveline.

"Medicine Lake Apartments presented an exceptionally rare opportunity: a trophy lakefront asset in an impossible-to-replicate location that hadn't traded in over three decades," said Talberg. "The property's unique waterfront positioning, boat slips and immediate trail access, combined with Plymouth's exceptional demographics and virtually zero competing supply, made this a compelling acquisition for the buyer."

The Twin Cities currently has 36 percent less apartment supply under construction than the average of the top 50 U.S. markets, with Minneapolis-St. Paul's 2025 deliveries and units under construction representing just 3.4 percent of existing inventory. Within a three-mile radius of Medicine Lake Apartments, there are currently zero units under construction.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

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JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of March 31, 2026. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

Bigos Management, Inc., founded in 1981 by Ted Bigos, owns and manages over 50 apartment communities totaling more than 10,000 units and commercial office space throughout the Minneapolis-St. Paul metropolitan area. The locally owned company employs over 300 people and maintains a service-oriented philosophy focused on quality residential experiences ranging from suburban communities to downtown high-rise living. With qualified on-site staff handling management, resident relations, maintenance and marketing, Bigos Management is committed to upholding high standards of service while adhering to Fair Housing Laws and company policies.