Stadium Village student housing property bought for $25M
JLL Capital Markets closed the sale for the apartments near the University of Minnesota
MINNEAPOLIS, October 5, 2020 – JLL Capital Markets announced today that it completed the $25 million property sale for the Stadium Village Apartments student housing property located at 1015 Essex St., S.E. in Minneapolis, just steps away from the University of Minnesota.
JLL represented the undisclosed seller to complete the property sale to the buyer. The redevelopment opportunity is perfectly positioned on a 1.32-acre site, originally constructed in 1960. Stadium Village contains 121 apartments, totaling 75,000 square feet, with floorplans that include studios, one-, and two-bedroom units for students.
For the last decade, student housing has retained steady occupancy rates of 95-100%, with a recent surge in demand for more student-centric communities. Stadium Village offers the ultimate student experience, centrally positioned with walkability to campus and the university’s sports venues, more than 75 bars, restaurants and retailers, and multiple rail and bus stops for easy access to Downtown Minneapolis.
JLL’s Capital Markets team representing the seller was led by Director Stewart Hayes and Senior Director Josh Talberg, along with Senior Directors Dan Linnell and Mox Gunderson, Director Scott Clifton and Teddy Leatherman and Associate Riley McChesney.
A leader in the sector, JLL has closed over $12.6 billion in student housing transactions since 2011.
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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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 $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.