Trophy multi-housing property adjacent to Mears Park sells
JLL Capital Markets arranged the sale of and the acquisition financing for the 258-unit Cosmopolitan Apartments located in the historic Lowertown neighborhood of St. Paul, Minnesota
MINNEAPOLIS, Feb. 1, 2024 – JLL announced today that it has closed the sale of and the acquisition financing for The Cosmopolitan Apartments, an eight-story, 258-unit, distinguished multi-housing community located in the historic Lowertown neighborhood of St. Paul, Minnesota.
JLL worked on behalf of the seller, AEW Capital Management, and Bigos Management acquired the asset. JLL also worked on behalf of the new owner to secure the Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.
Bigos Management was represented by Will Tansey of Felhaber Larson law firm.
Formerly the Finch, Van Slyck, and McConville Dry Goods Company building, The Cosmopolitan Apartments was originally a Neoclassical building from 1911, which was transformed into a vibrant apartment community in 1989. Since then, the building has undergone $8 million in upgrades to blend its historic charm with modern living. The property features studio, one- and two-bedroom floorplans, averaging 805 square feet, and units include stainless steel appliances, 12-foot windows, 16-foot ceilings, oversized walk-in closets, in-unit laundry and quartz countertops. Community amenities include a fully equipped fitness center, a spin/yoga room, a high-speed internet lounge, a barbeque and picnic area, a fire pit, media room, clubhouse, courtyard, bocce court and more.
Situated at 250 6th St E., the property is walkable to numerous neighborhood amenities, including public transportation, the Mississippi River, XCEL Energy Center, Lowertown’s Farmer’s Market, Raspberry Island, Kellogg Mall Park, The Science Museum of Minnesota, Palace Theater and CHS Field. The Cosmopolitan is also one of the few apartment buildings in all of St. Paul situated across from Mears Park.
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. Senior Managing Director Ken Dayton and Director Pat McMullen led the JLL Capital Markets Debt Advisory team.
"The Cosmopolitan is a highly regarded community that was well received in a competitive offering process," said Talberg. "We are honored to have played a part in the sale and debt financing for this generational asset.”
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’s Capital Markets group 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 106,000 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 AEW Capital Management
For over 40 years, AEW Capital Management, L.P. (AEW) has provided real estate investment management services to investors worldwide. As one of the world’s largest real estate investment advisors, AEW and its affiliates manage $87.4 billion of property and securities in North America, Europe and Asia (as of September 31, 2023). Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, Denver, London, Paris, Düsseldorf, Hong Kong, Seoul, Singapore, Sydney and Tokyo, as well as additional offices in seven European cities. For more information, please visit www.aew.com.
As of September 31, 2023. AEW includes (i) AEW Capital Management, L.P. and its subsidiaries and (ii) affiliated company AEW Europe SA and its subsidiaries. AEW Europe SA and AEW Capital Management, L.P. are commonly owned by Natixis Investment Managers and operate independently from each other. Total AEW AUM of $87.4 billion includes $39.6 billion in assets managed by AEW Europe SA and its affiliates, $5.0 billion in regulatory assets under management of AEW Capital Management, L.P., and $42.8 billion in assets for which AEW Capital Management, L.P. and its affiliates provide (i) investment management services to a fund or other vehicle that is not primarily investing in securities (e.g., real estate), (ii) non-discretionary investment advisory services (e.g., model portfolios) or (iii) fund management services that do not include providing investment advice. Staff, offices, and clients include AEW Capital Management, L.P. and AEW Europe SA and their respective subsidiaries.
About Bigos Management
Founded in 1981 by owner Ted Bigos, Bigos Management has emerged as a distinguished leader in the property management industry. Boasting a diverse portfolio that spans over 50 properties and includes more than 10,000 units, the company has solidified its reputation for excellence in property ownership and management.
Under the leadership of Ted Bigos, the company has consistently set the standard for quality and innovation in the apartment rental market. With a commitment to providing exceptional living spaces, Bigos Management has become synonymous with reliability, professionalism, and a customer-centric approach.
An 8-time recipient of the Star Tribune Top Workplaces award, Bigos Management values its employees and maintains a workplace culture that fosters growth, collaboration, and job satisfaction. The company’s success is not only measured by its expansive property holdings but also by its dedication to creating a positive and thriving work environment.
For more information about Bigos Management, please visit www.tbigos.com