JLL Capital Markets arranged the sale for the 69-unit Southdale Parc Apartments in Richfield and the 136-unit Wingate Apartments in New Hope
News release
01 March 2024
JLL closes sale of two Twin Cities multi-housing communities
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MINNEAPOLIS, March 1, 2024 – JLL Capital Markets announced today that it closed the sale of two Twin Cities multi-housing properties, including the 69-unit Southdale Parc Apartments in Richfield, Minnesota and the 136-unit Wingate Apartments in New Hope, Minnesota.
JLL worked on behalf of the seller, Centerspace, and procured the buyers, both local private investors.
The 1962-built Southdale Parc Apartments is located at 2720 W. 66th St in the southwest suburbs, on the border of Richfield and Edina. The property is set within a “15-minute community” with proximity to both the Southdale Mall, Galleria Edina, the highest rated Life Time in the state of Minnesota and the reputable M Health Fairview Southdale Hospital. The property features one-bedroom units with fully equipped kitchens and oversized closets, as well as on-site laundry facilities, upgraded Luxor package system, abundant greenspaces and on-site parking.
Built in 1967, Wingate Apartments is located at 7700 49th Avenue North within Minnesota’s widely recognized Medical Valley. Top employers include Abbott Labs and Medtronic. In addition, the proposed Metro Transit Blue Line extension will provide residents with further connectivity to the Northwest suburbs as well as Minneapolis and St. Paul. The community’s one- and two-bedroom units include patios and balconies, oversized closets, and fully equipped kitchens, and community amenities include a swimming pool with a furnished patio, a basketball court, playground, and a community clubroom.
The JLL Capital Markets Investment Sales Advisory team was led by Managing Directors Dan Linnell, Mox Gunderson and Josh Talberg, Senior Director Adam Haydon and Director Devon Dvorak.
“It was a pleasure to work with the Centerspace team on these trades. While marketing these assets, we received strong interest from both local and national players,” said Linnell. “It was great to see two local owner operators win these deals.”
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.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Centerspace
Centerspace is an owner and operator of apartment communities committed to providing great homes by focusing on integrity and serving others. Founded in 1970, the company owned 72 apartment communities consisting of 13,088 homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota as of December 31, 2023. In 2022, Centerspace was named the National Apartment Association’s Leading Organization in Diversity, Equity, and Inclusion. For more information, please visit https://www.centerspacehomes.com.