JLL Capital Markets has closed the $74.7 million sale of and the financing for Millennium Edina, a 227-unit, mid-rise multi-housing community located within suburban Minneapolis in Edina, Minnesota.
JLL Capital Markets worked on behalf of the seller, a joint venture between Dakota Pacific Real Estate and Landmark Companies, and procured the buyer, a private investor. Additionally, JLL worked on behalf of the new owner to secure the financing. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
Completed in 2021, Millennium Edina features studio, one-, two- and three-bedroom units with floor-to-ceiling windows, plank-style flooring, quartz counters, stainless steel appliances, balconies/terraces, in-unit washers and dryers and an average size of 905 square feet. Community amenities include a green roof, yoga studio, game room, golf simulator, movie theater, fitness center, coworking spaces, sunset terrace, an outdoor pool, spa and more.
Situated at 3250 W. 66th St. within the southwest submarket, Millennium Edina is located in a “15-minute city,” providing immediate access to both downtown Minneapolis and St. Paul, as well as MSP International Airport.
The property offers residents unparalleled proximity to the top retail districts in the MSA, including 50th & France, Galleria Edina and Southdale Center. Additionally, residents have easy access to over 40 city parks and recreational areas, such as Centennial Lakes Park, Arneson Acres and Bredesen Park. Residents are within walking distance of M Health Fairview’s Southdale Hospital and the rapidly growing medical office campus. The property also boasts close proximity to major employers, including UnitedHealth Group, Optum, General Mills, Target Corp, US Bank, Cargill and Best Buy.
The JLL Capital Markets Investment Sales and Advisory team was led by Managing Directors Josh Talberg, Mox Gunderson and Dan Linnell, Senior Director Adam Haydon and Director Devon Dvorak. Managing Director Brock Yaffe led the JLL Capital Markets Debt Advisory team.
