JLL Capital Markets has closed the $59 million sale of and arranged $44.25 million in acquisition financing for The Cielo Apartments, a 269-unit, multi-housing community in the Minneapolis suburb of Fridley, Minnesota.
JLL marketed the property on behalf of the seller, Trident Development. Peak Capital Partners acquired the property. Additionally, JLL worked on behalf of the new owner to secure the seven-year loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC.
The Cielo Apartments comprises studio, one-, two- and three-bedroom units ranging from 586 to 1,345 square feet. The apartments feature granite or quartz countertops, modern appliances, undermount sinks and kitchen islands. The community amenities include a fitness center, game room, community room and lounges, study area and media rooms, walking paths, grilling stations and heated parking. Additionally, the property offers residents 24-hour maintenance, on-site management, managed parcel storage system and secured parking.
Located at 6051 University Ave., The Cielo Apartments are just 10 minutes north of downtown Minneapolis, providing connectivity to some of the Twin Cities biggest employers, including Medtronic, Boston Scientific and Mercy Hospital. Residents have easy access to nearby transportation options such as Northstar Station, Metro Transit buses and Interstates 94 and 694.
The JLL Capital Markets Investment Sales Advisory team representing the seller included Senior Director Dan Linnell, Senior Director Mox Gunderson, Senior Director Josh Talberg and Director Adam Haydon.
The JLL Capital Markets Debt Placement team representing the borrower was led by Managing Director Matt Steffen and Senior Director Brock Yaffe.
