Twin Cities Community Sells for $75M
Millennium Edina comprises 227 units, of which 11 are affordable.
A joint venture of Dakota Pacific Real Estate and Landmark Cos. has sold Millennium Edina, a 227-unit multifamily community Edina, Minn., for $74.7 million. A private investor acquired the asset.
JLL Capital Markets brokered the transaction on behalf of the seller and procured the buyer. JLL also worked with the new owner to secure financing—JLL Real Estate Capital LLC, a Fannie Mae DUS lender, will service the loan.
Managing Directors Josh Talberg, Mox Gunderson and Dan Linnell, Senior Director Adam Haydon and Director Devon Dvorak led the JLL Capital Markets Investment Sales and Advisory team. Managing Director Brock Yaffe led the JLL Capital Markets Debt Advisory team.
Completed in 2021, the six-story building incorporates studios, one-, two- and three-bedroom floorplans ranging between 586 and 1,265 square feet. Common-area amenities include a swimming pool, fitness center, clubhouse, coworking spaces and approximately 391 parking spaces. The units feature floor-to-ceiling windows, digital locks and private balconies or patios.
A total of 11 units are designated as affordable. The community also features energy-efficient infrastructure features, such as low-flow fixtures and a green roof.
Millennium Edina is at 3250 W. 66th St., in an area with multiple retail centers, dining options and entertainment venues. Southdale Center, Southtown Shopping Center, M Health Fairview Southdale Hospital and Wood Lake Nature Center are within a 2-mile radius. The community is near Interstate 35W, which provides direct access to downtown Minneapolis.
A two-phase project
Millennium Edina represents the first of a two-phase project approved by the City of Edina in 2016. Dakota Pacific Real Estate acquired the 3.5-acre site from DLC Residential for $7.5 million, according to public records. The developers demolished a 30,824-square-foot existing office building on the site. DLC served as the general contractor.
First National Bank of Ohama provided $41 million in construction financing for the development in 2019, according to Yardi Matrix data. The joint venture now plans to build an additional 145-unit apartment building, as part of the second phase.