Remaining 8 properties in master portfolio totaling 404 apartment units sold
JLL Capital Markets brokered the $17.08M sale, completed multiple portfolio sales over the last nine months for seller
MINNEAPOLIS, May 24, 2021 – JLL Capital Markets announced today that it closed the $17.08 million sale of an eight-property multi-housing portfolio totaling 133 homes located throughout St. Paul, Minnesota.
JLL represented the seller, Skip Thaler, to complete the portfolio sale to the several buyers.
The portfolio includes the following properties: 301 Dayton, 309 Dayton, 622 Snelling, 451 Fairview, 995 Grand, 1091 Goodrich, 1168 Grand and 1756 Grand.
Originally built between 1879 and 1948, the seller was diligent about renovating most units while keeping the properties’ old-world charm and truly operated each property as if it was his home. These properties are in highly coveted neighborhoods, including Summit Hill, Cathedral Hill, Macalester-Groveland and Merriam Park allowing its new owner to achieve immediate scale in a high-barrier-to-entry location.
The JLL Capital Markets team representing the seller included Senior Directors Dan Linnell, Josh Talberg and Mox Gunderson and Director Adam Haydon. The team also brokered the seller’s entire portfolio over the last nine months, which totaled $51.86 million and consisted of 25 properties and 404 units located throughout the Minneapolis and St. Paul areas.
“This was the end of an era for the seller who has been investing in real estate for over 40 years,” says Linnell. “We began the sale of his buildings last summer and finished the sale of the remaining buildings this spring. Skip was one of my very first meetings in this business back in 2010, and he was the ‘best client we had never closed a deal with’ until that changed in 2017 when we sold him two buildings on Goodrich and Grand Avenue as part of a portfolio we were working on.”
Linnell continues, “All in all, Skip had amassed 25 buildings in Minneapolis and St. Paul over decades of investing. These were some of the most well-maintained buildings of this vintage we’ve ever had the pleasure of marketing. The ‘Villas,’ as many of his buildings were affectionately named, featured numerous upgrades and personalized touches from New Zealand Wool carpet runners to historical light fixtures to custom photos picked out by Skip and his wife Jill at The Historical Society and placed throughout the buildings to be period correct to the time the buildings were built.”
“Tenants in these buildings enjoyed some of these most lovingly cared for buildings in the market,” added Talberg. “Not to mention, each property had numerous capital improvement projects completed to the physical plant of each building to keep them in operation. Kleinman Realty was his professional third-party management company.”
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 deliver best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement, or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.