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JLL Closes Sale of Active Adult Apartments in Twin Cities
JLL Capital Markets closed the $27.3-million sale of, and arranged acquisition financing for, Frost English Silver, a newly built, 107-unit, luxury, 55+ housing community in the Twin Cities suburb of Maplewood, MN. A JLL team of Josh Talberg, Mox Gunderson, Dan Linnell, Adam Haydon and Ken Dayton marketed the property on behalf of Sherman Associates.
An affiliate of locally based Axial Real Estate Advisors LLC acquired the property. Working on behalf of Axial, JLL’S Jeff Lepley secured the seven-year, fixed-rate Fannie Mae loan.
“This acquisition furthers a key component of our housing strategy devoted to serving an empty-nester population,” said Scott Larson, Axial’s SVP of acquisitions and capital markets. “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.”
Image courtesy of Sherman Associates.
- ◦Sale/Acquisition
