LaSalle Buys Twin Cities Communities

Clarion Partners earned approximately $68 million from the sale of the 241-unit portfolio, taking a loss compared with the seller’s acquisition cost of the assets in 2015.
VÉLO

LaSalle Investment Management has acquired two luxury multifamily assets in central Minneapolis for $68.5 million, according to Yardi Matrix. The seller of the 101-unit VÉLO and the 140-unit Paxon, Clarion Partners, had purchased the communities in two separate transactions in 2015 for a total of $70.4 million.

The first of the two communities, VÉLO, is situated at 115 N. Second St. The second, The Paxon, is located at 360 N. First St., less than 1 mile northwest. More than 7 million square feet of Class A office space is within walking distance of the properties, and a wide range of public transportation options connect the assets with the wider metro area. Additionally, the Twin Cities’ light rail system runs roughly four blocks south of VÉLO.

The Paxon

Both properties contain a mix of studio, one- and two-bedroom apartments. The units across the two communities range from 524 to 1,234 square feet, while amenities include swimming pools, club rooms, fitness centers and covered parking. Additionally, VÉLO offers bicycle storage and outdoor grilling stations. As of November 2018, the assets had a weighted occupancy rate of 92.5 percent.

LaSalle has acquired nine communities over the past 12 months, according to Yardi Matrix, including three other properties in the Twin Cities. The firm also recently acquired a 488-unit luxury asset near Phoenix.

Images courtesy of Yardi Matrix