Sale and financing arranged for premier Twin Cities multi asset 610 West Apartments

MINNEAPOLIS, Jan. 8, 2025 – JLL Capital Markets announced today the successful sale and financing of 610 West Apartments, a top-tier multi-housing community in Brooklyn Park, Minnesota.

JLL represented the seller, The Doran Group, and secured acquisition financing on behalf of the buyer, Spyglass Capital Partners, to originate a Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC.

Located at 6717 Oak Grove Pkwy., 610 West Apartments is situated in the rapidly growing 610 corridor, just 15 miles northwest of downtown Minneapolis. The property boasts a strategic location near Target’s expansive 333-acre northern campus, with close proximity to the Boston Scientific and Medtronic campuses. It is also located within Medical Alley, a globally recognized hub for health technology innovation.

Built between 2016 and 2018, the 480-unit community spans four buildings with an impressive average unit size of 1,003 square feet. The apartments feature high-end finishes, including stainless steel appliances, granite countertops, tile backsplashes, custom cabinetry and rich wood-look flooring, along with private balconies or patios and fireplaces in select units. Residents enjoy an extensive array of amenities, including three swimming pools, two fully equipped courtyards, a 22,000-square-foot clubhouse, a fitness center, a sauna, a golf simulator and heated underground parking that connects all buildings.

“610 West was our family’s second multifamily project we developed, designed, built and managed – and so I have a sentimental attachment to this project,” said The Doran Group President and CEO, Evan Doran. “That said, as the second-generation leader of our company, I’m eager to position our organization for the next 50 years – and that includes aligning our existing portfolio with our plans to expand regionally into additional states as well as into new categories like active adult and build to rent products. I’m please to see this property go to a committed buyer and am confident they will be good stewards of the property going forward.”

“We are thrilled to be able to steward this meticulously maintained property that’s located in a job-rich, high-density and highly commutable suburb,” added Adam Cohen, President of Spyglass Capital Partners. “610 West is a superbly well-constructed property that includes some of the best amenity offerings we’ve ever seen. We have exciting plans to further invest into this property, ensuring we can continue to deliver a best-in-class living experience to Brooklyn Park residents.”

JLL’s Investment and Sales Advisory team was led by Managing Director Josh Talberg and Director Joseph Peris, who represented the seller. Managing Director Scott Loving, Senior Managing Director Ken Dayton and Senior Director Pat McMullen secured the acquisition financing.

“The Doran Group consistently sets the standard for luxury living in the Twin Cities,” said Talberg. “610 West is a best-in-class multifamily property located in a dynamic submarket with strong fundamentals that will support long-term growth. The asset generated significant interest from institutional and private investors, with over $1 billion in capital competing for this opportunity. The asset is in great hands, and we’re excited for the buyer, who is acquiring a top-notch property in one of the strongest-performing markets in the region—one that boasts some of the strongest fundamentals in the entire 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 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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The Doran Group, a multigenerational real estate company founded by Kelly Doran and now led by Evan Doran, is one of the most prolific developers in the Twin Cities. Recognized for developing exclusive luxury apartment communities, retail centers and high-end student housing, the company operates as a fully integrated real estate development firm with a commitment to delivering best-in-class developments and services. The Doran Group's long-term approach to community development, focus on quality and strong partnerships with investors and cities have established it as a trusted name in the industry.

Spyglass Capital Partners is a niche private equity firm specializing in value-add multifamily investments, having acquired 20 properties totaling more than $1 billion in asset value. The firm targets stable properties in areas with favorable demographics, focusing on strategic operational improvements and modest repairs to produce higher risk-adjusted returns. With a disciplined approach to acquisitions, relentless focus on asset management and a successful track record of harvesting gains, Spyglass has demonstrated its commitment to delivering exceptional results for its partners while maintaining a selective and hands-on investment strategy.