Sale of a core Twin Cities multi-housing community closes

MINNEAPOLIS, Jan. 19, 2024 – JLL Capital Markets announced today that it has closed the $53.4 million sale of and the $25.5 million financing for Elan West End, a 164-unit, newly built multi-housing community in St. Louis Park, Minnesota

JLL worked on behalf of the seller and procured the buyer. JLL also represented the new owner to secure the financing through a correspondent life insurance company.

Built in 2020, Elan West End features studio, one-, two- and three-bedroom units, averaging 885 square feet. Units offer dual-tone shaker cabinetry with tile backsplash, quartz countertops with stainless steel appliances, French door refrigerators, wine refrigerators and plush carpeting in bedrooms and closets, and community amenities include a pool and spa, sky lounge, amenity deck, lounge area with golf and hockey simulator and a club-quality fitness center.

Situated at 1325 Utica Avenue South, the property is located in The West End micro market, a vibrant shopping, dining, industry and entertainment hub in St. Louis Park. The community is known for its high quality of life, proximity to major employment and immediate access to one of the top retail nodes in the MSA at The Shops at West End. Additionally, Elan West End is centrally located just off I-394 and Highway 100. The property is just minutes away from downtown Minneapolis.

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.

"Elan West End not only shines as an extraordinary apartment project in the Twin Cities, but it also raises the bar for excellence," stated Talberg, emphasizing the development team's outstanding accomplishments to the project's best-in-market status. "This high-quality asset is perfectly positioned to capitalize on the continuing momentum and strong demand for rental housing in the vibrant West End community and the wider MSP market. The sale of Elan West End serves as a testament to these robust fundamentals, affirming the enduring core demand for exceptional assets in the region."

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.

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