With investor demand for multi-housing opportunities in the Twin Cities and upper Midwest surging, JLL Capital Markets has prioritized retaining top talent within the market. Sitting in the firm’s Minneapolis office, Managing Director Josh Talberg continues to hold his leadership position on the multi-housing investment sales team in Minneapolis.
Since 2018, Talberg has played a pivotal role in shaping JLL’s Capital Markets Group in Minneapolis, and is primarily responsible for institutional investment sales advisory, recapitalizations and joint venture equity for multi-housing properties and portfolios in the Minneapolis and Midwest region. Over the course of his career, he has collectively sold or capitalized over $3.5 billion of multi-housing assets.
Notably, Talberg secured the buyer and helped lead the largest multi-housing asset trade in Minnesota history; orchestrated the largest multi-housing portfolio recap in the Twin Cities, which included achieving the highest price per unit in Minneapolis history; and served as the lead broker on both the first and second highest price per unit suburban multi-housing sales in Minnesota state history.
In addition to his impressive sales activity, Talberg has consistently ranked as one of the top equity specialists in the multi-housing space for ground-up multi-housing construction since 2020.
Talberg collaborates closely with JLL’s top multi-housing debt team, including Ken Dayton, Scott Loving, Bill Mork, Britta Lund, Scott Streif and Pat McMullen in Minneapolis, as well as with JLL Capital Markets’ Senior Managing Directors David Williams and Brian Ranallo out of the St. Paul office.
By combining the market’s top sales, equity, debt and structured finance services, the JLL multi-housing team has maintained its position as one of the top multi-housing team in Minneapolis for three years running.
The Twin Cities metro has demonstrated robust multi-housing fundamentals, attracting attention from regional and national investors. The city stands out as one of the most supply-constrained markets in the U.S., with absorption far outpacing deliveries. The Twin Cities metro is short of 49,000 units to meet demand, and the greater Minneapolis metro is short by 60,000 units, driving overall rent growth in the sector. The area boasts the second-highest year-to-date absorption as a percentage of inventory compared to the 50 largest U.S. markets.
Moreover, with $340B+ of multi-housing debt maturing from 2023 to 2024 and $3.5B+ in the Twin Cities set to mature over 2024 and 2025, more transactions and capital events are anticipated.
