JLL Capital Markets announced it closed the $26.1 million sale of the Phoenix Apartments, a 216-unit recently updated multihousing property located in the Battle Creek neighborhood of St. Paul, Minnesota.
JLL worked on behalf of the seller, Main Street Companies, to complete the sale to the buyer, a joint venture between a fund managed by DRA Advisors and the Marquette Companies
The Phoenix Apartments are 96 percent occupied, total 201,654 square feet and consist of one-, two- and three-bedroom units. The apartments were first built in 1976 and later updated in 2017, which included renovations to community amenities and units, such as the addition of granite countertops, stainless steel appliances, espresso cabinets and new luxury flooring. Incomplete, the property offers a value-add opportunity for the buyer with roughly 50 percent of the community still unrenovated, including significant common area amenity space.
Located at 200 Winthrop St. S., the Phoenix Apartments are a 10-minute drive from Downtown St. Paul. Battle Creek is known for being a highly amenitized neighborhood, being proximate to the Battle Creek Regional Park, which includes over 1,800 acres of woodlands; Battle Creek Waterworks Water Park, a family-friendly destination with pools and located just five minutes away from the property; The Ponds at Battle Creek, a nine-hole, par 35 golf course just four minutes away; and the Battle Creek Dog Park, touted as one of the best dog parks in the Twin Cities.
Additionally, the Phoenix Apartments benefit from the Twin Cities’ dynamic employment base, being home to large Fortune 500 companies and private sector workers, employing over 65,000 people within the St. Paul CBD.
The JLL Capital Markets team representing the seller was led by Senior Directors Mox Gunderson, Josh Talberg and Dan Linnell and Director Adam Haydon.
“Phoenix Apartments has a proven value-add strategy already in place and it aligned with the buyers investment approach and growth plan,” said Gunderson. “The property has received significant capital improvements in recent years and will continue to see a much-needed capital injection moving forward.”
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 sales 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.