ST. PAUL, MINN. — JLL has negotiated the sale of and acquisition financing for The Cosmopolitan Apartments, a 258-unit community located in St. Paul’s historic Lowertown neighborhood. Bigos Management acquired the property from AEW Capital Management for an undisclosed price. JLL represented the seller in the deal. Will Tansey of Felhaber Larson law firm represented the buyer.
The Cosmopolitan Apartments was originally constructed as the Finch, Van Slyck and McConville Dry Goods Company building in 1911. The building was converted into apartments in 1989, and has since undergone $8 million in renovations. The property offers studio, one- and two-bedroom units averaging 805 square feet in size. Amenities include a fitness center, yoga room, internet lounge, barbeque and picnic area, media room, clubhouse, courtyard and bocce ball court.
JLL also worked on behalf of the new owner to secure a Fannie Mae loan, which will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender. Josh Talberg, Mox Gunderson, Dan Linnell, Adam Haydon and Devon Dvorak led the JLL Capital Markets Investment Sales and Advisory team. Ken Dayton and Pat McMullen led the JLL Capital Markets Debt Advisory team.