JLL Arranges Sale of 336-Unit Twelve 501 Apartments in Burnsville, Minnesota for FPA Multifamily
JLL Capital Markets has closed the sale of Twelve 501 Apartments, a 336-unit multifamily community in Burnsville, Minnesota, the firm announced July 29. JLL represented the seller, FPA Multifamily, and secured the buyer, Osso Capital, in what marks Osso's first investment in the state of Minnesota.
Property Overview: Renovated Suburban Asset in Burnsville's Heart of the City
Twelve 501 Apartments sits within Burnsville's Heart of the City district, the city's planned mixed-use downtown corridor featuring urban-style amenities and retail. The four-story property was built in 1986 and underwent extensive renovations beginning in 2017. The community is situated on a 14.62-acre site overlooking Birnamwood Golf Course and the Minnesota River valley.
The property offers direct access to both I-35W and I-35E, connecting residents to Minneapolis, St. Paul, and key suburban employment centers throughout the south metro. The location places residents within minutes of M Health Fairview Ridges Hospital and Park Nicollet Clinic Burnsville, among other major employers in the area.
The JLL Capital Markets team was led by Managing Director Josh Talberg, Director Joseph Peris, and Associate Eli Smith.
"The asset's quality coupled with strong location fundamentals make this a standout investment and market entry-point for the Osso team," said Talberg. "Twin Cities strong fundamentals continue to draw national attention, with ongoing new capital flows consistently entering the market."
Osso Capital Makes First Minnesota Entry
Osso Capital is a private equity real estate firm focused on the acquisition and management of multifamily investments across the United States. Founded in 2020 and headquartered in New York, the firm is led by Olivia John, Founder and CEO, who previously served as a Managing Director on Blackstone's real estate acquisitions team, where she completed approximately $12 billion of multifamily acquisitions over a 13-year tenure.
Since its founding, Osso has raised approximately $1.2 billion in capital commitments and deployed that capital across nearly $3 billion of multifamily investments in markets nationwide. The firm employs 27 professionals organized across four disciplines — investments; asset management; financing and accounting; and data and analytics. Osso's investment approach combines traditional real estate investing with proprietary analytics, automation, and technology to guide market selection, investment sourcing, and underwriting.
The Burnsville acquisition represents Osso's first investment in Minnesota, extending the firm's geographic footprint into the Upper Midwest. Osso has sponsored and managed investment vehicles on behalf of endowments and foundations, family offices, pension plans, and other financial institutions.
Seller Background: FPA Multifamily
FPA Multifamily is a privately held real estate investment firm with more than 40 years of experience specializing in acquiring, managing, and repositioning multifamily properties across the United States. The firm manages approximately $20 billion in assets and has transacted on approximately $30 billion worth of assets, encompassing 870 buildings and more than 174,000 units. FPA Multifamily focuses on value-add and core-plus opportunities in major U.S. cities.
Market Context: Institutional Capital Flowing Into Twin Cities Multifamily
The transaction reflects broader trends in U.S. commercial real estate investment, where multifamily continues to attract institutional capital amid persistent housing undersupply and solid occupancy fundamentals. Global direct commercial real estate transaction volumes reached $216 billion in the first quarter of 2026, up 18% year-over-year, signaling renewed momentum across property sectors.
The Twin Cities multifamily market has drawn consistent national investor attention, with renovated suburban assets — particularly those with strong transportation access and healthcare-adjacent demand drivers — representing a core target for value-add and core-plus capital. Burnsville's Heart of the City district, with its mixed-use amenity base and interstate connectivity, positions Twelve 501 Apartments within a submarket that benefits from a tenant profile spanning healthcare workers, professional services employees, and regional service-sector workers.
The sale price was not disclosed. JLL Capital Markets operates a global capital solutions platform with more than 3,000 specialists in offices across nearly 50 countries, providing investment sales and advisory, debt advisory, equity and fund placement, and related services to real estate investors and occupiers worldwide.