JLL Capital Markets announced 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.