July 6, 2020
JLL Capital Markets recently closed the $17.45-million sale of Greysolon Plaza, a 150-unit affordable housing community located in downtown Duluth, MN. A team of Mox Gunderson, Dan Linnell, Josh Talberg and Adam Haydon completed the sale from the seller, Sherman Associates, to the buyer, Orbach Affordable Housing Solutions (OAHS).
The 150-unit property’s downtown location, coupled with the favorable Duluth rental market fundamentals, created a unique opportunity for New Jersey-based OAHS, which was looking to plant a flag in the Duluth affordable housing arena. Greysolon Plaza opened as a hotel in 1925 and was converted to residential use in 1980.
“We are excited for the Orbach team to continue their expansion into Minnesota with Greysolon Plaza, one of Duluth’s most iconic buildings,” said Gunderson. “The project received multiple bids, drawing interest from both coasts due its historic nature, size of HAP contract and limited affordable housing for-sale inventory.”
Photo courtesy of Sherman Associates.
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