The University of Minnesota has sold the Stadium Village Apartments, a 122-unit student housing community in Minneapolis. JLL represented the seller in the $25 million deal. According to Yardi Matrix, the asset last traded in 2008, when it was acquired by Classic City Apartments for $8.8 million.
Built in 1960, the property comprises studio, one- and two-bedroom units. Common-area amenities include a fitness center and laundry facilities. The 75,000-square-foot asset also has 58 parking spaces.
Located at 1015 Essex St. SE, on a 1.32-acre site, the property is within walking distance of the University of Minnesota. Downtown Minneapolis is within 3 miles of Stadium Village.
JLL’s team included Director Stewart Hayes and Senior Director Josh Talberg, along with Senior Directors Dan Linnell and Mox Gunderson. Directors Scott Clifton and Teddy Leatherman and Associate Riley McChesney also helped close the deal. In June of this year, Talberg, Linnell and Gunderson assisted the seller of Greysolon Plaza, a 150-unit affordable housing community in downtown Duluth, Minn. Orbach Affordable Housing Solutions paid $17.5 million for the historic property.