JLL Capital Markets closed the $24.8 million sale of an 11-property multi-housing portfolio totaling 239 units located throughout the Twin Cities in Minnesota.
JLL represented the seller to complete all 11 of the sales to various buyers. The largest deal executed was the Portland Villas in Saint Paul, which contains a per-door price of $173,171 and was part of a 1031 exchange with a local Twin Cities investor procured by JLL.
The rest of the portfolio includes Marshall Villas, Wilder Villas, Pleasant Villas and Concordia Villas located in Saint Paul; and Pleasant Place, East 36th St. Villas, Colfax Villas, Gladstone Villas, First Avenue Villas and Chicago Villas in Minneapolis.
The seller was diligent about restoring and maintaining eight of the properties’ old-world charm, being built between 1890 and 1930. The Portland Villas in particular feature a beautiful historical brownstone that has been renovated by the seller to preserve the original style of the building. Average occupancy for all properties is 99%.
The JLL Capital Markets team representing the seller included Senior Directors Dan Linnell, Josh Talberg, Mox Gunderson and Director Adam Haydon.
Linnell says, “The owner worked hard to preserve and restore the original time period character of each lovingly cared for building. We were excited to procure multiple buyers for these vintage urban buildings.”