JLL Capital Markets announced that it has closed the $61.6 million sale of Marquee, a 231-unit, mid-rise multihousing community located in the Loring Park neighborhood of Minneapolis, Minnesota.
JLL represented the seller, Reuter Walton Development. KC Venture Group, L.L.C. acquired the asset.
Marquee consists of studio, alcove, one-bedroom and two-bedroom units with nine-foot ceilings, full-size washers and dryers, stainless steel appliances and quartz countertops. The property features many high-end community amenities, including a private conference room, bike storage, a dog wash station, a club room, a rooftop pool that converts to a hot tub in the winter, a resident lounge and a fitness center. The building also offers 8,865 square feet of first-floor retail space.
Located at 1410 Nicollet Ave., the property neighbors Loring Park, the largest green space in downtown Minneapolis. The community is less than a 15-minute walk to top employers within the Central Business District and is less than a 30-minute commute by interstate to top suburban job opportunities. Residents have convenient access to popular city attractions, including U.S. Bank Stadium, Target Field, Target Center, the State Theater, Walker Art Center, the Minnesota Orchestra and Brave New Workshop. Additionally, the community offers proximity to the University of Minnesota and Abbot Northwestern Hospital.
The JLL Capital Markets Sales and Advisory team was led by Managing Director Mox Gunderson and Managing Director Dan Linnell.
“Marquee is a top-of-the-line, fully amenitized project with great visibility along Nicollet and a short walk to Loring Park,” said Gunderson. “The property drew significant interest from groups looking to capitalize on a very attractive basis compared to replacement in a city where going-in yields are significantly higher than other major metros across the country.”
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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.