JLL Capital Markets arranged the sale and $44.25M acquisition loan for The Cielo Apartments

MINNEAPOLIS, July 28, 2021 – JLL Capital Markets announced today that it has closed the $59 million sale of and arranged $44.25 million in acquisition financing for The Cielo Apartments, a 269-unit, multi-housing community in the Minneapolis suburb of Fridley, Minnesota. 

JLL marketed the property on behalf of the seller, Trident Development. Peak Capital Partners acquired the property. Additionally, JLL worked on behalf of the new owner to secure the seven-year loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender. 

The Cielo Apartments comprises studio, one-, two- and three-bedroom units ranging from 586 to 1,345 square feet. The apartments feature granite or quartz countertops, modern appliances, undermount sinks and kitchen islands. The community amenities include a fitness center, game room, community room and lounges, study area and media rooms, walking paths, grilling stations and heated parking. Additionally, the property offers residents 24-hour maintenance, on-site management, managed parcel storage system and secured parking.

Located at 6051 University Ave., The Cielo Apartments are just 10 minutes north of downtown Minneapolis, providing connectivity to some of the Twin Cities biggest employers, including Medtronic, Boston Scientific and Mercy Hospital. Residents have easy access to nearby transportation options such as Northstar Station, Metro Transit buses and Interstates 94 and 694. 

The JLL Capital Markets Investment Sales Advisory team representing the seller included Senior Director Dan Linnell, Senior Director Mox Gunderson, Senior Director Josh Talberg and Director Adam Haydon.

The JLL Capital Markets Debt Placement team representing the borrower was led by Managing Director Matt Steffen and Senior Director Brock Yaffe.

“Trident Development began building Cielo Apartments in 2015, delivering its first phase in 2016, second phase in 2017 and its final phase in 2019 for a total of 269 units,” Linnell said. “Their team identified the underserved need for new housing in Fridley after building a seniors housing project nearby. Cielo was the first market-rate apartment building built in Fridley in over 20 years. 

“It experienced a robust lease-up across all three phases,” he continued. “Demand remains strong in Fridley for new housing, as evidenced by two more recent new multi-housing developments nearby. Peak Capital Partners looks forward to continued success with the property and serving the Fridley market as part of their growing Twin Cities portfolio.”

CHICAGO, IL – Holliday Fenoglio Fowler, L.P. (HFF) announces it has closed the sale of Hurstbourne Estates, a 270-home, luxury, garden-style apartment community located in the East End of Louisville, Kentucky.

HFF marketed the property on behalf of the seller, Inland Residential Properties Trust, Inc. (a member company of The Inland Real Estate Group of Companies, Inc.), and procured the buyer, Peak Capital Partners.

Hurstbourne Estates is located at 10405 Watermark Place with easy access to downtown Louisville and a multitude of demand drivers, including Churchill Downs, Louisville Slugger Field, Kentucky International Convention Center, University of Louisville and the KFC Yum! Center. Completed in 2014, the 17-building property comprises a mix of one-, two- and three-bedroom floor plans that average 1,059 square feet.  Units feature granite counters, Shaker-style espresso cabinets, energy-efficient appliances, wood-style flooring, crown molding, in-unit washers and dryers, patios or balconies, open layouts and oversized closets with built-in shelving.  Select homes also provide private entrances and direct-access attached garages.  Community amenities include manicured courtyards and walking paths, controlled access, a business center, resort-style swimming pool and sundeck, expansive fitness center, dog park, modern club house, community kitchen, recreation room with billiards table and barbeque and picnic areas.  The community was 94% occupied at closing.

The HFF investment advisory team included senior director Wick Kirby, managing director Sean Fogarty, director Kevin Girard and associate Amanda Friant along with managing director Marty O’Connell, a licensed Kentucky real estate broker.