Jones Lang LaSalle Incorporated: Twin Cities multi-unit community trades for $ 30.25 million
CHICAGO – September 29, 2021 –JLL Capital Markets announced today that it has completed the $ 30.25 million sale of Eagle Pointe, a 216-unit garden-style multi-unit community in the Twin Cities suburb of West Saint Paul.
JLL sold the property on behalf of Timberland Partners, a Minneapolis-based property investment and management firm. Timberland owns and operates more than 18,500 units in 85 apartment communities in 17 states.
Eagle Pointe has studios, one and two bedroom units averaging 853 square feet. The apartments have a patio / balcony, large closets, air conditioning and a dishwasher. The property offers a fitness center, club house, indoor swimming pool, outdoor swimming pool with solarium, picnic area, heated underground garage, laundry room, playground and tennis court.
Located at 2044 Oakdale Ave., Eagle Pointe is located eight minutes from downtown Saint Paul. The city offers countless amenities for admirers of history and architecture, music lovers, sports enthusiasts and outdoor enthusiasts. Minneapolis-St. Paul has one of the largest concentrations of Fortune 1000 companies in the world, and the region is home to many international headquarters, US headquarters for foreign companies, and major office operations for companies based on one or more. the other side. Among the private and public sectors, Minneapolis-St. Paul is a leader in biotechnology and medical innovation.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Senior Managers Josh Talberg, Dan Linnell and Mox Gunderson and Manager Adam Haydon.
“Eagle Pointe has provided the rare opportunity to acquire a well-maintained apartment community in the highly desirable Twin Cities suburb of West Saint Paul,” said Talberg. “The demand for well-located apartment assets in the Twin Cities remains strong from local buyers to domestic buyers given the impressive market fundamentals and world-class economic drivers. For this particular asset, we had over $ 200 million in capital for a $ 30 million transaction, and in total, over $ 700 million on deposit or coming to market in the second half of 2021. ”
JLL Capital Markets is a global full service provider of capital solutions for real estate investors and occupiers. The company’s in-depth knowledge of the local market and global investors provides the best solutions for clients – whether it is investment and sales advice, debt advice, equity advice or recapitalization. The company has more than 3,000 capital markets specialists around the world with offices in nearly 50 countries.
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