JLL Capital Markets has completed the $25 million property sale for the Stadium Village Apartments student housing property at 1015 Essex St., S.E. in Minneapolis, just steps from the University of Minnesota.
JLL represented the undisclosed seller. The redevelopment opportunity is positioned on a 1.32-acre site originally constructed in 1960. Stadium Village contains 121 apartments, totaling 75,000 square feet, with floorplans that include studios, one-, and two-bedroom units for students.
For the last decade, student housing has retained steady occupancy rates of 95 percent to 100 percent, with a recent surge in demand for more student-centric communities. Stadium Village offers the ultimate student experience, centrally positioned with walkability to campus and the university’s sports venues, more than 75 bars, restaurants and retailers, and multiple rail and bus stops for easy access to Downtown Minneapolis.
JLL’s Capital Markets team representing the seller was led by Director Stewart Hayes and Senior Director Josh Talberg, along with Senior Directors Dan Linnell and Mox Gunderson, Director Scott Clifton and Teddy Leatherman and Associate Riley McChesney.