Investor purchases Minneapolis transit-oriented apartment community

MINNEAPOLIS, MN., Oct. 8, 2024 – JLL Capital Markets announced today that it has closed the sale of B-Side Apartments, a 147-unit, transit-oriented multi-housing community in Minneapolis, Minnesota.

JLL represented the seller, Saturday Properties, and procured the buyer, Turner Impact Capital, a leading real estate investment firm dedicated to social impact, which acquired the asset for Turner Multifamily Impact Fund III.

Completed in 2021 as the second phase of the L&H Station master development, B-Side Apartments offers studio, one- and two-bedroom units, averaging 509 square feet each. Units feature stainless steel appliances, quartz countertops, in-home washers and dryers, white oak flooring, private balconies and large walk-in closets. The 97%-leased, six-story community offers amenities, including a rooftop deck with bar and grilling area, shared work space, a private conference room, fitness center with Wellbeats on Demand and underground resident parking.

B-Side Apartments is located on a half-acre site at 3027 22^nd Ave S in South Minneapolis’ Corcoran neighborhood. The property is immediately adjacent to the light rail, which provides direct access to downtown Minneapolis, University of Minnesota, Minneapolis St. Paul International Airport and the Mall of America. Positioned in a highly amenitized neighborhood, the community is within walking distance of Super Target, Cub Foods, Aldi and numerous restaurants and breweries.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Director Josh Talberg.

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 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.

For more news, videos and research resources, please visit JLL’s newsroom.

Founded in 2015 by Brent Rogers, Saturday Properties is a real estate development and property management company based in the Twin Cities. New project developments include ground-up construction as well as adaptive-reuse of existing buildings. Saturday Currently manages 2,000 units and 100K SF of Commercial along with 14 new project lease ups. Saturday was formed around the philosophy that the most successful properties incorporate a creative approach to project design, operations, staffing, and marketing. By continually pushing industry boundaries and focusing on measured performance, Saturday increases the value of each asset in its portfolio. From initial concept to stabilized operations, the Saturday team is dedicated to delivering an exceptional experience for its employees, partners, clients, and residents. For more information, visit saturdayproperties.com.

Turner Impact Capital is the nation's largest private equity real estate firm exclusively dedicated to social impact. Based in Santa Monica, California, the firm focuses on creating sustainable solutions for many of today's most daunting societal problems by developing and investing in community-enriching infrastructure in densely populated, underserved communities. The firm seeks to generate superior market-rate financial returns by investing in markets with large supply/demand mismatches of core community infrastructure (i.e., workforce housing, public schools, and community-serving healthcare facilities) and a lack of institutional capital. For more information, visit turnerimpact.com.