Sherman Associates has sold Greysolon Plaza, a 150-unit affordable housing community in downtown Duluth, Minn., catering to adults aged 62 and over. Orbach Affordable Housing Solutions paid $17.5 million for the historic property formerly known as the Greysolon Hotel. JLL represented the seller in the deal.
Dating from 1925, the 14-story building at 231 E. Superior St. was converted to residential use in 1980, maintaining some of the original architectural elements such as the lobby’s gold-leaf ceiling, crystal chandeliers, carved rosettes and Corinthian columns. The property includes 15 different one-bedroom floorplans, as well as a fitness center, community room and ballroom.
The community is less than a mile from the city center, adjacent to the historic NorShore Theater and within walking distance of The Lakewalk. Situated one block from Interstate 35, the location is also easily accessible through public transportation.
JLL Senior Directors Mox Gunderson, Dan Linnell and Josh Talberg, together with Director Adam Haydon, led the Capital Markets team negotiating on behalf of Sherman Associates. The same brokers assisted Sherman in the March sale of an 88-unit adaptive-reuse property in downtown St. Paul, Minn.