The Hill Apartments

Jones Lang LaSalle (JLL) is pleased to offer for sale The Hill Apartments – a 162-home best-in-class apartment community located in the prestigious Cathedral Hill area of St. Paul, one of the most sought-after neighborhoods in all of the Twin Cities. This award-winning project is situated in a predominantly residential setting near major employment and government hubs, entertainment districts, hospitals, education, and light-rail transit, uniquely achieving today's perfect balance of being close to everything, yet a serene feeling away from it all.

Built by a best-in-class development and construction team, The Hill features the utmost in quality and design, including spacious layouts, open community spaces, structured parking, top-end amenities, and an ultra-modern ambiance – attracting affluent young professionals to empty nesters and downsizers. This 100% union, podium-built project was delivered in 2020, and the demand has been clear from the beginning as the apartment boasted a rapid lease-up while achieving higher gross rents than originally budgeted. The asset has maintained steady occupancy ever since, continuing to see top-line growth and high retention, magnified today as the neighborhood and city's pipeline goes to near zero in the coming year in this coveted and historic neighborhood of the Twin Cities.

Due to the location's high-barrier-to-entry characteristics, The Hill represents a truly rare opportunity to purchase a fully stabilized, brand-new luxury product – one of the few modern assets at scale delivered to a preferred St. Paul neighborhood in decades. The property is offered at a meaningful discount to today’s replacement cost. As home ownership costs continue to soar to all-time highs and both downtowns, St. Paul and Minneapolis, build momentum with employers returning to offices, The Hill is positioned for future growth, featuring attainable rents relative to area incomes while replacement costs drive higher rents in new developments. The Hill offers a superior risk-adjusted return relative to similar investment opportunities across the country, presenting investors with the opportunity to achieve outsized returns on a core-profile asset.