JLL Capital Markets announced today that it has closed the $74.7 million sale of and the financing for Millennium Edina, a rare, 227-unit, mid-rise multi-housing community located within suburban Minneapolis in Edina, Minnesota.
JLL Capital Markets worked on behalf of the seller, a joint venture between Dakota Pacific Real Estate and Landmark Companies, and procured the buyer, a private investor. Additionally, JLL worked on behalf of the new owner to secure the financing. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
Completed in 2021, Millennium Edina features studio, one-, two- and three-bedroom units with floor-to-ceiling windows, plank-style flooring, quartz counters, stainless steel appliances, balconies/terraces, in-unit washers and dryers and an average size of 905 square feet. Community amenities include a green roof, yoga studio, game room, golf simulator, movie theater, fitness center, co-working spaces, sunset terrace, an outdoor pool, spa and more.
Situated at 3250 W. 66th St. within the southwest submarket, Millennium Edina is located in a “15-minute city,” providing immediate access to both downtown Minneapolis and St. Paul, as well as MSP International Airport. The property offers residents unparalleled proximity to the top retail districts in the MSA, including 50th & France, Galleria Edina and Southdale Center. Additionally, residents have easy access to over 40 city parks and recreational areas, such as Centennial Lakes Park, Arneson Acres and Bredesen Park. Residents are within walking distance of M Health Fairview’s Southdale Hospital and the rapidly growing medical office campus. The property also boasts close proximity to major employers, including UnitedHealth Group, Optum, General Mills, Target Corp, US Bank, Cargill and Best Buy.
The JLL Capital Markets Investment Sales and Advisory team was led by Managing Directors Josh Talberg, Mox Gunderson and Dan Linnell, Senior Director Adam Haydon and Director Devon Dvorak. Managing Director Brock Yaffe led the JLL Capital Markets Debt Advisory team.
“Millennium Edina represents one of the finest apartment projects in the Twin Cities, and the development team should be very proud of what they have accomplished. We experienced robust local and national interest with this assignment, drawn by a best-in-class asset in Edina, one of the top-ranked suburban cities in the entire Midwest region,” said Talberg. “The buyer recognized the quality and potential of Millennium Edina, and we are excited for them to own an asset that is well positioned to capitalize on the tremendous growth tailwinds of the Edina and broader MSP market for years to come.”
“JLL did an incredible job representing us on the sale!” added Julia Baytler, CEO Landmark Companies.
Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.
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.
About Dakota Pacific Real Estate
Dakota Pacific Real Estate (DPRE) is a Salt Lake City-based real estate development and investment company focused on multifamily residential, industrial and unique commercial ground-up developments and value-add acquisitions with primary emphasis on the Intermountain West region. Since its founding in 2010, the company has raised and invested over $450M of equity through multiple discretionary funds and single-project ventures. As a vertically integrated sponsor, DPRE seeks to partner with like-minded private investors and leading institutional partners to deliver strong risk-adjusted returns and enhance the communities in which it operates.
About Landmark Companies
Landmark Companies is a woman-led, minority-owned, private multifamily and industrial development firm. Stemming from our Ukrainian roots we have the ability in creating value from the land. Our expertise, resources, and integrated platform provide superior financial results. We are stewards of protecting and growing investor capital through Class A development of multifamily and industrial assets in Texas, Florida and Colorado. As of today, Landmark Companies has completed over 6,300 multifamily units and 1,000,000 square feet of industrial space with an estimated value of $2 Billion.