News release

$26.1M sale of Phoenix Apartments in St. Paul’s Battle Creek Neighborhood

JLL Capital Markets closed and arranged financing for the sale of the 216-unit, value-add community

May 20, 2021

MINNEAPOLIS, May 20, 2021 – JLL Capital Markets announced today it closed the $26.1 million sale of the Phoenix Apartments, a 216-unit recently updated multi-housing property located in the Battle Creek neighborhood of St. Paul, Minnesota.

JLL worked on behalf of the seller, Main Street Companies, to complete the sale to the buyer, a joint venture between a fund managed by DRA Advisors and the Marquette Companies.

The Phoenix Apartments are 96% occupied, total 201,654 square feet and consist of one-, two- and three-bedroom units. The apartments were first built in 1976 and later updated in 2017, which included renovations to community amenities and units, such as the addition of granite countertops, stainless steel appliances, espresso cabinets and new luxury flooring. Incomplete, the property offers a value-add opportunity for the buyer with roughly 50% of the community still unrenovated, including significant common area amenity space.

Located at 200 Winthrop St. S., the Phoenix Apartments are a 10-minute drive from Downtown St. Paul. Battle Creek is known for being a highly amenitized neighborhood, being proximate to the Battle Creek Regional Park, which includes over 1,800 acres of woodlands; Battle Creek Waterworks Water Park, a family-friendly destination with pools and located just five minutes away from the property; The Ponds at Battle Creek, a nine-hole, par 35 golf course just four minutes away; and the Battle Creek Dog Park, touted as one of the best dog parks in the Twin Cities.

Additionally, the Phoenix Apartments benefit from the Twin Cities’ dynamic employment base, being home to large Fortune 500 companies and private sector workers, employing over 65,000 people within the St. Paul CBD.

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

“Phoenix Apartments has a proven value-add strategy already in place and it aligned with the buyers investment approach and growth plan,” said Gunderson. “The property has received significant capital improvements in recent years and will continue to see a much-needed capital injection moving forward.”

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 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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About JLL

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

About Main Street Companies

Originally established in 1998, Main Street Companies, Inc. is a Minnesota based business founded on the basic principle of providing quality rental living at an incredible value to residents. Main Street Companies’ properties are staffed with industry professionals ready to assist you with your housing search. With a combined property management experience of over 70 years, Main Street Companies’ corporate team is ready to assist our site personnel in the continued pursuit of excellence in rental housing. 

About DRA Advisors

DRA Advisors LLC is a New York-based registered investment advisor specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, sovereign wealth funds, foundations, and insurance companies.  Since DRA was founded in 1986, the firm has acquired over $34 billion of real estate, including 80 million square feet of industrial, 59 million square feet of office, 82 million square feet of retail and 76,000 multifamily units.  As of December 31, 2020, DRA has $11.2 billion in gross assets under management.

About Marquette Companies

Marquette Companies is a 37-year old fully integrated real estate operating company with more than $1.9 billion of apartments and mixed-use properties in its investment portfolio. Marquette currently owns and manages approximately 13,000 apartment units through joint ventures with institutional investors. Marquette serves on the Boards of the National Multi Family Council, the National Town Builders Association, the American Senior Housing Council, and as a member of the Pension Real Estate Association. Marquette Management, Inc. is the property management arm of the Marquette Companies and has been managing multi-family communities for 30+ years.