Recently completed Shakopee apartment complex hits market

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A hot, new apartment complex has entered the market.

Emblem Shakopee, a 288-unit apartment property, has been listed for sale, according to a recent listing from JLL.

The building was first pitched in 2022 by Lennar Multifamily Cos., which is a subsidiary of Lennar, a prominent builder of housing throughout the country.

Emblem offers 288 units spread across a 12-building complex, the listing shows, along with 504 parking stalls. It is located at 1610 Emblem Way in Shakopee. When it was originally pitched to the city of Shakopee, there were plans for a 303-unit complex that spread its units across three buildings, rather than 12, documents say.

According to an Apartments.com listing for the community, a one-bedroom unit costs $1,520 a month, a two-bedroom unit ranges between $1,850 and $1,960, while a three-bedroom unit has a price of $2,535.

The listing notes that there are “zero competing units under construction” in the area, which it says gives investors a chance to “capitalize on the supply/demand imbalance.”

The 12-building complex shares a clubhouse that features a pool. It also features a fitness station and a dog park. Each apartment has an in-unit washer and dryer as well as a balcony.

No starting price was offered in the initial listing. However, in a LinkedIn post, JLL Managing Director Josh Talberg said the property was “offered at below today’s replacement cost.”

“This property was 63% leased by its final [temporary certificate of occupancy] and features a +70% retention rate on first-gen lease turns through April 2025,” Talberg wrote in the post. “Which speaks to the pent-up demand and upside now that the property nearing stabilization post lease-up.”

According to 2024 property tax records, the complex was valued at $41 million, an increase from the 2023 valuation of $30.8 million.

Lennar, the parent company that owns Emblem, also sold NordHaus apartments in Minneapolis for $74.25 million, or $265,178 per unit, to Trinity Property Consultants. Matt Mullins, vice president at Maxfield Research, said in an interview at the time of the sale that Lennar has been in “sell mode” and was unloading much of its portfolio.

Lennar has also, it seems, been in build mode in the Twin Cities. As reported earlier this month, Lennar was the top-ranked homebuilder in 2024, having closed on 1,383 units of single-family homes and 808 multifamily units, according to Housing First Minnesota. The last six months of Lennar-proposed developments include 144 townhomes pitched in September 2024 to Lakeville, a 104-unit townhome development on the former Thomson Reuters campus in Eagan, as well as 113 townhomes in Lino Lakes proposed in January.

Earlier this month, the southwest metro saw a 204-unit, 25-year-old apartment building in Eden Prairie sell for $42 million, or about $206,500 a unit.

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