JLL Capital Markets announced that it has closed the sale of B-Side Apartments, a 147-unit, transit-oriented multifamily community in Minneapolis, Minnesota.
JLL represented the seller, Saturday Properties, and procured the buyer, Turner Impact Capital, a leading real estate investment firm dedicated to social impact, which acquired the asset for Turner Multifamily Impact Fund III.
Completed in 2021 as the second phase of the L&H Station master development, B-Side Apartments offers studio, one- and two-bedroom units, averaging 509 square feet each. Units feature stainless steel appliances, quartz countertops, in-home washers and dryers, white oak flooring, private balconies and large walk-in closets. The 97%-leased, six-story community offers amenities, including a rooftop deck with bar and grilling area, shared work space, a private conference room, fitness center with Wellbeats on Demand and underground resident parking.
B-Side Apartments is immediately adjacent to the light rail, which provides direct access to downtown Minneapolis, University of Minnesota, Minneapolis St. Paul International Airport and the Mall of America. Positioned in a highly amenitized neighborhood, the community is within walking distance of Super Target, Cub Foods, Aldi and numerous restaurants and breweries.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Director Josh Talberg.
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 and 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.
