Greystar has sold Elan West End, a 164-unit community in St. Louis Park, Minn., for $53.4 million. The buyer, an entity linked to Belgarde Enterprises, took out a $25.5 million acquisition loan from Nationwide Life Insurance Co., public records show. JLL worked on behalf of the seller and arranged the financing for the buyer.
In 2019, the property became subject to nearly $32 million in construction financing originated by CIBC Bank, Yardi Matrix data shows.
Completed in 2020, the six-story building encompasses one-, two- and three-bedroom floorplans ranging between 606 and 1,455 square feet, according to the same data provider. Apartments feature quartz countertops, stainless steel appliances, washers, dryers and private balconies or patios in select units.
Common-area amenities include a fitness center, swimming pool and spa, business center, clubhouse, sky lounge and amenity deck, as well as a lounge area with golf and hockey simulators. The community also has more than 245 parking spaces.
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The 1.5-acre property is at 1325 Utica Ave. S., next to a host of dining and retail opportunities, including The Shops at West End. Ridgedale Center shopping mall and downtown Minneapolis are within 5 miles, while downtown St. Paul is some 17 miles away. Minneapolis–Saint Paul International Airport is 16 miles southeast.
The JLL Capital Markets Investment Sales and Advisory team included Managing Directors Josh Talberg, Mox Gunderson and Dan Linnell, along with Senior Director Adam Haydon and Director Devon Dvorak. The Debt Advisory team was led by Managing Director Brock Yaffe, who was also part of the group that arranged the acquisition financing for Millenium Edina, a 227-unit property in Edina, Minn.
Twin Cities’ transaction volume drops
According to Yardi Matrix data, 25 communities—about 3,780 units—traded last year in the Twin Cities, amounting to $655 million, a steep decline from the $1.6 billion in sales registered during 2022. In one of 2023’s more prominent deals, FPA Multifamily purchased Gates at Carlston Center, a 435-unit property in Minnetonka, for $89 million.
Recent transactions in the metro include Bigos Management’s acquisition of another St. Louis Park community. The buyer paid $33.2 million for this 2022-completed asset.
