Investor purchases Minneapolis transit-oriented apartment community
JLL Capital Markets led the sales efforts for B-Side Apartments, a 147-unit community in South Minneapolis, Minnesota
MINNEAPOLIS, MN., Oct. 8, 2024 – JLL Capital Markets announced today that it has closed the sale of B-Side Apartments, a 147-unit, transit-oriented multi-housing 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 located on a half-acre site at 3027 22nd Ave S in South Minneapolis’ Corcoran neighborhood. The property 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.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Saturday Properties
Founded in 2015 by Brent Rogers, Saturday Properties is a real estate development and property management company based in the Twin Cities. New project developments include ground-up construction as well as adaptive-reuse of existing buildings. Saturday Currently manages 2,000 units and 100K SF of Commercial along with 14 new project lease ups. Saturday was formed around the philosophy that the most successful properties incorporate a creative approach to project design, operations, staffing, and marketing. By continually pushing industry boundaries and focusing on measured performance, Saturday increases the value of each asset in its portfolio. From initial concept to stabilized operations, the Saturday team is dedicated to delivering an exceptional experience for its employees, partners, clients, and residents. For more information, visit saturdayproperties.com.
About Turner Impact Capital
Turner Impact Capital is the nation's largest private equity real estate firm exclusively dedicated to social impact. Based in Santa Monica, California, the firm focuses on creating sustainable solutions for many of today's most daunting societal problems by developing and investing in community-enriching infrastructure in densely populated, underserved communities. The firm seeks to generate superior market-rate financial returns by investing in markets with large supply/demand mismatches of core community infrastructure (i.e., workforce housing, public schools, and community-serving healthcare facilities) and a lack of institutional capital. For more information, visit turnerimpact.com.