JLL Capital Markets announced that it has closed the sale of Dock Street Flats, a 185-unit, 2013-built, luxury apartment community with 2,852 square feet of retail located within the historic North Loop neighborhood in Minneapolis, Minnesota.
JLL represented the seller, The AFL-CIO Building Investment Trust, advised by PNC Realty Investors. The Connor Group, a Dayton-based real estate investment firm, acquired the asset.
Featuring studio, one- and two-bedroom floorplans with an average size of 778 square feet, Dock Street Flats offers units with stainless steel appliances, granite countertops, full-size washers and dryers and luxury vinyl plank flooring. Community amenities include a pool deck, rooftop terrace, two courtyards, two stories of underground parking and a fitness center. The property also is home to the brand-new Guacaya Bistreaux, a highly anticipated Panamanian-inspired restaurant and cocktail lounge.
Located at 377 N Washington Ave., Dock Street Flats is proximate to the numerous restaurants, boutiques, taprooms and professional sports facilities that make up the urban North Loop neighborhood. The community is within walking distance of six Fortune 500 companies and within a 20-minute drive of an additional 12. The property offers easy access to the adjacent Cedar Lake Trail, as well as the North Star Commuter rail, light rail and skyway system.
The JLL Capital Markets team was led by Managing Directors Mox Gunderson, Dan Linnell, Josh Talberg and Senior Director Adam Haydon.
“Dock Street is a tremendous asset in a highly desirable location. Demand for rentals in the North Loop is gaining momentum every day as Downtown continues to return from the pandemic. This property drew significant interest from capital amidst a very difficult investment landscape, which is a testament to its quality and the neighborhood’s resilience,” said 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 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.