Park Island
2450 Island Drive, Spring Park, MN, 55384, US
81 unités
Description de l'actif
JLL proudly presents Rayette Lofts, a distinguished community of 88 homes located in the coveted Lowertown neighborhood of St. Paul. Nestled beside Mears Park and overlooking CHS Field, this exquisite residential complex combines modern living with a timeless charm.
Originally the headquarters of Rayette, a prominent cosmetics manufacturer and distributor, Rayette Lofts pays homage to its rich history. The 7-story Neoclassical masterpiece from 1909 is adorned with welcoming cream-colored brick and a grand entrance flanked by columns. Designed by Chicago architect James F. Denson, the building has recently been reimagined as modern apartment spaces while preserving its classic allure.
Situated on the east side of Mears Park, Rayette Lofts holds a significant place in the heritage of the Lowertown District. With its transformation into a lively apartment community in 2014, it seamlessly integrates historic charm with contemporary living. The surrounding area of Lowertown offers a captivating blend of history, culture, and convenience, with trendy shops, farm-to-table eateries, and vibrant music venues. Its proximity to public transportation, parks, the Mississippi River, and key amenities like CHS Field and Xcel Energy Center make it a robust apartment market.
The unique market conditions in St. Paul, including rent control and reduced permit activity, provide exceptional pricing power for investors. Comparable market data supports significant rent increases, and strong market fundamentals position Rayette Lofts for immediate and future growth.
Rayette Lofts presents a rare opportunity to acquire a best-in-class Type 1 asset with attractive yields and potential for future expansion, outperforming similar markets across the country. Offered free and clear, JLL welcomes qualified offers for this prestigious property, with an expected closing date in Q4 2024.
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Attributs
Nombre d'unités
88
Occupation
90 %
Année de construction
2014
Superficie locative
8 415 mètres carrés
Média
Points forts de l'investissement
Best-in-Class Asset Quality at an Attractive Basis Compared to Replacement Cost
- The property boasts seven stories of luxury living, showcasing impeccable quality and historic design across twelve unique floor plans.
- Rayette Lofts underwent a complete renovation in 2014, transforming it into a best-in-class community while preserving its rich historical roots as a prominent cosmetic manufacturer and distributor.
- Residents can enjoy an attractive amenity package, which includes a rooftop terrace with riverfront views, a fully-equipped fitness room, grilling stations and bar, a resident clubroom lounge, and heated underground parking.
- Renting at Rayette Lofts offers a substantial cushion compared to the cost of owning a Lowertown condo, with a 158% discount to the purchase price.
- The estimated replacement cost of Rayette Lofts is $325,000+ per unit, presenting a compelling discount for potential investors.
- The property has experienced strong momentum in the last twelve months, with a 4.0% increase in revenue.
- Unique conditions specific to St. Paul, including rent control and reduced permit activity, provide investors with remarkable pricing power.
Modern and Timeless Living in a Coveted Twin Cities Neighborhood
- The vibrant Lowertown neighborhood offers a blend of history, culture, and convenience, with trendy shops, farm-to-table dining, and excellent access to transportation, parks, and the Mississippi River.
- Ideally located in the strong economy's epicenter, the neighborhood houses the headquarters of fifteen Fortune 500 Companies, including UnitedHealth Group, Best Buy, Ameriprise, Target, and General Mills.
- St. Paul is home to over 21,000 high-paying government jobs, nearly 50,000 college students, and more than 15,000 hospital employees.
- Nearby offices cater to major corporations such as Ecolab, Travelers, Wells Fargo, Securian Financial, US Bancorp, UBS, 3M, CHS, and Boston Scientific.
- The property is only minutes away from light rail access, providing convenient commutes to the University of Minnesota, Downtown Minneapolis, and MSP International Airport.
- Residents have immediate access to entertainment venues such as CHS Field, Xcel Energy Center, and Lowertown's exquisite dining options.
- The property is within walking distance of the Mississippi River, Harriet Island Regional Park, Summit Hill, and numerous biking and walking trails.
Contactez les courtiers
Rayette Lofts (0 Propriétés)
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Dernière mise à jour
30 sept. 2024
