JLL has closed the sale of and the acquisition financing for The Cosmopolitan Apartments, an eight-story, 258-unit multifamily community in the historic Lowertown neighborhood of St. Paul, Minnesota.
JLL worked on behalf of the seller, AEW Capital Management, and Bigos Management acquired the asset. JLL also worked on behalf of the new owner to secure the Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
Bigos Management was represented by Will Tansey of Felhaber Larson law firm.
Formerly the Finch, Van Slyck, and McConville Dry Goods Company building, The Cosmopolitan Apartments was originally a Neoclassical building from 1911, which was transformed into a vibrant apartment community in 1989. Since then, the building has undergone $8 million in upgrades to blend its historic charm with modern living.
The property features studio, one- and two-bedroom floorplans, averaging 805 square feet, and units include stainless steel appliances, 12-foot windows, 16-foot ceilings, oversized walk-in closets, in-unit laundry and quartz countertops. Community amenities include a fully equipped fitness center, a spin/yoga room, a high-speed internet lounge, a barbeque and picnic area, a fire pit, media room, clubhouse, courtyard, bocce court and more.
Situated at 250 6th St E., the property is walkable to numerous neighborhood amenities, including public transportation, the Mississippi River, XCEL Energy Center, Lowertown’s Farmer’s Market, Raspberry Island, Kellogg Mall Park, The Science Museum of Minnesota, Palace Theater and CHS Field. The Cosmopolitan is also one of the few apartment buildings in all of St. Paul situated across from Mears Park.
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. Senior Managing Director Ken Dayton and Director Pat McMullen led the JLL Capital Markets Debt Advisory team.
Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.
