September 27, 2016
JLL Income Property Trust has acquired the 254-unit Penfield, an upscale, transit-oriented apartment complex in St. Paul, MN. The Chicago buyer paid the city of St. Paul $65.5 million for the asset at 101 10th St. E.
The building opened in May 2014, but was close to not being built. In 2005, the asset was envisioned as a 40-story condo tower. The developers, however, backed out of the project when the recession hit. In early 2012, the St. Paul city council voted to sign a $40 million federally-backed mortgage, and use $8.3 million in tax increment finance money to complete the development.
The multifamily transaction is the buyer’s third this year. The goal of the REIT is to acquire urban infill properties that appeal to millennial renters.
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