JLL Closes Sale of 88-Unit St. Paul Community
- Mar 24, 2020
JLL Capital Markets has arranged the sale of Rayette Lofts, an 88-unit, adaptive-reuse community in downtown St. Paul, Minn. Senior Directors Mox Gunderson, Dan Linnell and Josh Talberg, together with Director Adam Haydon represented seller Sherman Associates. The brokerage firm also procured the buyer in the deal. Gunderson, Linnell and Talberg were recently instrumental in the $54.6 million sale of a 212-unit luxury community in Minneapolis.
Located at 261 E Fifth St. in the Lowertown neighborhood, less than 1 mile from the city center, the Rayette Lofts was originally built in 1909 as a warehouse. Sherman Associates purchased the property in 2001 and converted it to residential use through a $22.5 million adaptive-reuse project completed in 2014. The developer maintained some of the building’s historic architectural elements, such as the exposed brick, 17-foot ceilings and large warehouse-style windows.
Rayette Lofts includes more than 2,500 square feet of ground-floor retail space and the unit mix features one- and two-bedroom apartments averaging 1,029 square feet. Amenities include a community room, fitness center, spin studio, rooftop deck and outdoor kitchen. The seven-story property was 96 percent occupied at the time of the sale, while the retail space was fully leased to Saint Dinette, a restaurant that has been a tenant at the location since the building opened.