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JLL Shows Confidence in St. Paul Multifamily Market

CHICAGO, MINNEAPOLIS—Investors now consider the Twin Cities a top ten market, perhaps even one in the top five.

min-Penfield2 JLL Income Property Trust just bought The Penfield, a 254-unit apartment complex that includes a ground-floor commercial space that is leased to a premier local grocer on a long-term basis.

CHICAGO, MINNEAPOLIS—JLL Income Property Trust has just acquired The Penfield, a 254-unit, transit-oriented, apartment complex in downtown St. Paul, for about $65.5 million. The trust is principally a longer term investor, so it’s no surprise it would make a major purchase here, the Midwest’s strongest apartment market.

“JLL Income Property Trust plans to invest in apartment properties that are located in or near employment centers with favorable potential for employment growth and conveniently situated with access to transportation and retail and service amenities,” a company spokesperson tells GlobeSt.com.

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Brian J. Rogal

Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.

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