JLL Capital Markets announced that it has closed the $3.65 million sale of Irving School Apartments, a historic, 44-unit, 1895-built multihousing community located in Duluth, Minnesota.
High Point Holdings L.L.C. acquired the asset.
Built in 1895, Irving School Apartments was originally developed as a school and went through various phases before being placed on Minnesota’s National Register of Historic Places and converted to apartments in 1978. The community includes expansive studio, one-, two- and three-bedroom units, averaging 980 square feet in size. The apartments also feature over 3-foot ceilings, lofted units, unique brick, stone and timber accents, renovated kitchens and bathrooms, large walk-in closets and interior atriums in select units. The community offers an outdoor patio, on-site laundry, on-site management and controlled access entry.
Situated at 101 N 56th Ave W, the property is distinctly known for its tall chimney that shadows over 35W on the drive into Duluth. Some residential homes and Irving Park lie just to the south of the property, and the large ST Paper facility and the St. Louis River sit to the east. In addition to short commutes to Downtown Duluth, Canal Park and more, residents have immediate access to Lincoln Park, which is quickly becoming the hottest retail corridor in Duluth.
The JLL Capital Markets Investment Sales and Advisory team representing the seller, Sherman Associates, was led by Director Devon Dvorak, Managing Directors Mox Gunderson, Dan Linnell and Josh Talberg and Senior Director Adam Haydon.
“Irving School Apartments was a great opportunity for investors to add to their portfolios in Duluth. There have been very few recent listings in Duluth, so the turnout was fantastic,” said Dvorak. “We held numerous tours, which resulted in multiple rounds of bidding and multiple offers above the list price. Duluth is currently one of the top-performing multihousing markets in the state, so there is high demand from investors. Occupancies are high and rent growth is strong.”
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.
