Jones Lang LaSalle Incorporated: $ 27.3 million new residential neighborhood near Minneapolis business ends


MINNEAPOLIS – October 18, 2021 –JLL Capital Markets announced today that it has completed the $ 27.3 million sale and arranged financing for the acquisition of Frost English Silver, a newly built 107-unit, over 55-year-old luxury housing community in Maplewood, in Minnesota.

JLL marketed the property on behalf of Sherman Associates. A subsidiary of Axial Real Estate Advisors LLC acquired the property. In addition, working for Axial, JLL secured the Fannie Mae seven-year fixed rate loan. The loan will be managed by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.

Frost English Silver consists of one and two bedroom units averaging 876 square feet. Apartments offer stainless steel appliances, vinyl flooring, granite countertops, full size washers / dryers, and balconies / patios. The community has a fitness center, outdoor patio with grill stations, community room, lounge, indoor lap pool, underground parking heated and direct access to the state trail from the walkway.

Located at 1957 English Street, Frost English Silver is within walking distance of parks, lakes, trails and golf courses. A 1.4 mile drive north provides access to Highway 36, a major east-west thoroughfare providing frontage to many retailers and businesses. Downtown St. Paul, 3M Headquarters, St. John’s Hospital, Maplewood Mall and Rosedale Center are all within 10 minutes drive.

According to Scott Larson, senior vice president of acquisitions and capital markets, Axial, “This acquisition reinforces a key element of our housing strategy dedicated to serving an empty nest population. to invest with developers and acquire properties similar to Frost English Silver, both locally and nationally. ”

Anchored by Minneapolis and St. Paul, the Twin Cities metropolitan area is one of the most economically diverse and culturally vibrant regions in the country. It has the 16th largest MSA in the country, with an estimated 3.7 million people in an area of ​​13 counties. About 62 percent of Minnesota residents live in this area, a testament to its importance as an economic engine for the state of Minnesota. The Metropolitan Council predicts that the metropolitan population will increase by 31% between 2010 and 2040.

The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Senior Directors Josh Talberg, Mox Gunderson, Dan Linnell, Director Adam Haydon and Senior Managing Director Ken Dayton.

The JLL Capital Markets Debt Placement team representing the borrower was led by Managing Director Jeff Lepley.

“Frost English is an exceptional asset and highlights the strong investor demand for independent senior communities in the Twin Cities. I am grateful to be a part of it – truly a win-win for the buyer and the seller, ”said Talberg. “We have received several offers for this asset from local and out-of-state groups, as Minneapolis remains a target market for major investors across the country.”

JLL Capital Markets is a global full service provider of capital solutions for real estate investors and occupiers. The company’s in-depth knowledge of the local market and global investors provides the best solutions for clients – whether it is investment and sales advice, debt advice, equity advice or recapitalization. The company has more than 3,000 capital markets specialists around the world with offices in nearly 50 countries.

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