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JLL Closes $53M Sale of Newly Built MF in Minnesota
JLL 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. The firm also represented the new owner to secure the financing through a correspondent life insurance company.
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.
Built in 2020, Elan West End features studio, one-, two- and three-bedroom units, averaging 885 square feet. Situated at 1325 Utica Avenue South, the property is located in The West End micro market, a shopping, dining, industry and entertainment hub in St. Louis Park. The property is centrally located just off I-394 and Highway 100. The property is just minutes away from downtown Minneapolis.
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