JLL closes $11.25M sale, $14.4M financing of Minnesota apartments
126-unit affordable housing community in Southeast Rochester sells to Vitus
MINNEAPOLIS – December 12, 2019 – JLL announced today that it has closed the $11.25 million sale and $14.4 million financing of Eastridge Estates, a 126-unit apartment community in Rochester, Minnesota.
JLL marketed the property exclusively on behalf of the seller, Eastridge Associates, and procured the buyer, Vitus. Additionally, JLL worked on the new owner’s behalf to secure the acquisition loan.
Eastridge Estates is located at 2009 17th Street in Southeast Rochester. The property is adjacent to Longfellow Elementary School, within walking distance to Mayo High School and within a five-minute drive to area amenities such as Cub Foods, Walmart and the Apache Mall. Originally constructed in 1975, the property was renovated in 2004 using tax exempt bonds and 100% of the units are covered by a Section 8 LIHPRHA contract and LIHTC land use restriction. Units consist of a mix of one-, two- and three-bedroom floor plans averaging 827 square feet.
The JLL Capital Markets team representing the seller included Senior Vice Presidents Mox Gunderson, Dan Linnell and Josh Talberg and Vice President Adam Haydon.
JLL’s Capital Markets debt placement team representing the new owner was led by Managing Director Tim Leonhard.
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 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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Agency/GSE lending and loan servicing are performed by Jones Lang LaSalle Multifamily, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Vitus’ mission is to create positive impact – one community, one family and one life at a time. Since 1996, Vitus has partnered with lenders, investors and public agencies to preserve and extend the life of existing affordable housing across the country in markets with the greatest need. Through holistic renovation, Vitus focuses on the well-being of residents and rejuvenating the surrounding community to both improve the overall quality and incorporate features that promote physical activity, community gathering and energy efficiency. To date, the Vitus team has provided stable homes to more than 25,000 residents in 25 states. vitus.com