HOUSTON, TX - JLL Capital Markets announced today that it has closed the sale of Eitel Apartments, a 212-home, mid-rise apartment property overlooking Loring Park in downtown Minneapolis, Minnesota.
JLL marketed the property exclusively on behalf of a confidential seller and procured an institutional buyer.
Eitel Apartments is located at 1367 Willow Street and has been awarded a Walk Score® of 92 given its proximity to employers, retail and recreation amenities in the CBD. The live-work-play community consists of three buildings – one of which is a repurposed historic building that formerly served Eitel Hospital – that encompass a mix of studio, convertible, one- and two-bedroom units averaging 800 square feet. Community amenities include a rooftop deck, sky lounge, fitness center, yoga studio, billiards room, sauna and a heated two-level subterranean parking garage. The property was 90% occupied at closing.
The JLL Capital Markets team representing the seller was led by Executive Managing Director Matthew Lawton; Director Kevin Girard; Senior Director Wick Kirby; and Senior Vice Presidents Josh Talberg, Dan Linnell and Mox Gunderson.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL: JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com