$27.3M trade of new housing community near Minneapolis closes

MINNEAPOLIS – Oct. 18, 2021 – JLL Capital Markets announced today that it has closed the $27.3 million sale and arranged the acquisition financing for Frost English Silver, a newly-built, 107-unit, luxury, 55+ housing community in Maplewood, Minnesota.

JLL Marketed the property on behalf of, Sherman Associates. An affiliate of Axial Real Estate Advisors LLC acquired the property. Additionally, working on behalf of Axial, JLL secured the seven-year, fixed-rate Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.

Frost English Silver comprises one- and two-bedroom units averaging 876 square feet. Apartments offer stainless steel appliances, vinyl flooring, granite countertops, full size washer/dryers and balcony/patios. The community features a fitness center, outdoor patio with grilling stations, community room, salon, indoor lap pool, heated underground parking and direct access to gateway state trail.

Located at 1957 English St., Frost English Silver is within walking distance to parks, lakes, trails and golf courses. A 1.4-mile-drive to the north provides access to Highway 36, a major east-west thoroughfare providing frontage to numerous retailers and businesses. Downtown St. Paul, 3M’s corporate headquarters, St. John’s Hospital, Maplewood Mall and Rosedale Center are all within a 10-minute drive.

According to Scott Larson, Axial’s Senior Vice President of Acquisitions and Capital Markets, “This acquisition furthers a key component of our housing strategy devoted to serving an empty-nester population. We are committed to Active Adult assets like Frost English Silver, and look forward to investing with developers and acquiring properties similar to Frost English Silver, both locally and nationally.”

Anchored by Minneapolis and St. Paul, the Twin Cities metro area is one of the most economically diverse and culturally vibrant regions in the country. It has the nation’s 16th largest MSA, with approximately 3.7 million residents in a 13-county area. Approximately 62 percent of Minnesota residents live within this area, serving as a testament to its importance as the economic engine of the state of Minnesota. The Metropolitan Council projects that the metropolitan population will grow 31 percent between 2010 and 2040.

The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Senior Directors Josh Talberg, Mox Gunderson, Dan Linnell, Director Adam Haydon, and Senior Managing Director Ken Dayton.

The JLL Capital Markets Debt Placement team representing the borrower was led by Managing Director Jeff Lepley.

“Frost English is an exceptional asset and highlights the strong investor demand for independent senior living communities in the Twin Cities. Grateful to be a part of this one – truly a win-win for both buyer and seller.,” said Talberg. “We had several bids for this asset from local and out-of-state groups as Minneapolis remains a target market for major investors across the country.”

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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