JLL Brokers Sale of Medicine Lake Apartments as Bigos Management Exits Plymouth Lakefront Asset After Three Decades

PLYMOUTH, Minn. — July 24, 2026 — JLL Capital Markets has arranged the sale of Medicine Lake Apartments, an 81-unit lakefront multifamily community at 1300 W Medicine Lake Dr. in Plymouth, Minnesota. Bigos Management, which held the property for more than three decades, sold the asset to Weber Organization. The sale price was not disclosed.

A Rare Waterfront Trade in the Twin Cities

Medicine Lake Apartments sits directly on Medicine Lake and includes 12 private boat slips — an amenity JLL described as virtually impossible to replicate under current regulatory conditions. The four-story building was constructed in 1977 and has an average unit size of 948 square feet across its 81 homes. The property also offers a 24-hour fitness center, sauna, outdoor pool, multi-sport court, resident clubroom, and direct access to the Luce Line Regional Trail.

The sale marks the first time the property has changed hands in over 30 years. The surrounding neighborhood consists largely of single-family homes valued above $1 million.

"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 Josh Talberg, Managing Director at JLL Capital Markets. "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."

JLL Team and Transaction Details

The JLL Capital Markets Sales and Advisory team representing Bigos Management was led by Managing Director Josh Talberg, Director Joseph Peris, and Analyst Jack Graveline.

Bigos Management, founded in 1981 by Ted Bigos, owns and manages more than 50 apartment communities totaling over 10,000 units across the Minneapolis-St. Paul metropolitan area. Weber Organization was the buyer; no further details about the buyer's plans for the property were included in the announcement.

Plymouth Location and Employment Proximity

Plymouth consistently ranks as the top-rated place to live in Minnesota according to U.S. News. The property's location places residents within a 15-minute drive of the headquarters of General Mills, Target, and Cargill — three Fortune 500 companies. The site is also near Boston Scientific's 400,000-square-foot expansion in the Arbor Lakes district, which JLL identified as part of the world's top health technology cluster. The property falls within the Wayzata School District, where the high school reports a 97 percent graduation rate.

Twin Cities Supply Context

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

That constrained supply backdrop has supported investor interest in stabilized suburban assets, particularly those with amenities — such as direct water access and private boat slips — that cannot easily be replicated through new development.

JLL Capital Markets operates globally 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 capital markets services.

Sources

JLL Newsroom — Legacy Lakefront Apartment Community Medicine Lake Sells