JLL has closed the $11.25 million sale and $14.4 million financing of Eastridge Estates, a 126-unit apartment community in Rochester, Minnesota.
JLL marketed the property exclusively on behalf of the seller, Eastridge Associates, and procured the buyer, Vitus. Additionally, JLL worked on the new owner’s behalf to secure the acquisition loan.
Eastridge Estates is located at 2009 17th St. in Southeast Rochester. The property is adjacent to Longfellow Elementary School, within walking distance to Mayo High School and within a five-minute drive to area amenities such as Cub Foods, Walmart and the Apache Mall. Originally constructed in 1975, the property was renovated in 2004 using tax exempt bonds and 100% of the units are covered by a Section 8 LIHPRHA contract and LIHTC land use restriction. Units consist of a mix of one-, two- and three-bedroom floor plans averaging 827 square feet.
The JLL Capital Markets team representing the seller included Senior Vice Presidents Mox Gunderson, Dan Linnell and Josh Talberg and Vice President Adam Haydon.