BlackRock Sells Minneapolis Luxury Community

JLL represented the seller in its disposition of Eitel Apartments, the redevelopment of a historic building part of the old Eitel Hospital.
Eitel Apartments
Eitel Apartments. Image courtesy of JLL

BlackRock has sold Eitel Apartments, a 212-unit luxury community in Minneapolis. Sentinel Real Estate Corp. acquired the asset for $54.6 million, according to The Minneapolis/St. Paul Business Journal. JLL represented the seller and procured the buyer in the deal.

Located at 1367 Willow St., Eitel Apartments was completed in 2008 as the redevelopment of a historic building that was part of the old Eitel Hospital. Developer Village Green Cos. added 179 units to the 108-year-old structure, as per BKV Group’s project design.

The unit mix features studio, convertible, one- and two-bedroom apartments averaging 800 square feet. Amenities include a rooftop deck, sky lounge, fitness center and movie theater, as well as a two-level subterranean parking garage. BlackRock invested more than $2 million in capital improvements at the property that was 90 percent occupied at the time of sale.

The community is roughly 1.5 miles southwest of city center, across the road from Loring Park and three blocks west of Minneapolis Convention Center. The property is less than a mile from Interstate 94 and less than 2 miles south of the North Loop.

JLL Executive Managing Director Matthew Lawton, Director Kevin Girard and Senior Director Wick Kirby, together with Senior Vice Presidents Josh Talberg, Dan Linnell and Mox Gunderson, led the Capital Markets team assisting the seller in the disposition. Lawson was also one of the brokers involved in the $216 million sale of a 366-unit iconic residential building in Seattle.