Description

JLL is pleased to present Esox House – a fully union-built, 221-home riverside community on the south bank of the Mississippi in Saint Paul, MN. Its unmatched 400' of river frontage delivers sweeping river and skyline views, with Harriet Island Regional Park steps away and adjacent access to Saint Paul's urban core – a vital economic hub anchored by government, healthcare, and industry. Upscale home finishes and endless community amenities deliver luxury living at attainable monthly rents. Esox House is offered for the very first time, by its original developer, at a ±40% discount to replacement cost in this high-barrier-to-entry submarket.

Lease-up landed in a perfect storm of temporary supply/demand disruption: 4,000 St. Paul apartment units delivered from 2020 to 2024, just as COVID-era work-from-home pulled 50,000+ workers from the workday population. Today, deliveries are down 85% from peak and return-to-office has restored workday traffic to 80% of pre-COVID levels – and Esox House is capturing the rebound, evidenced by 4.9% blended trade-out/renewal growth against a firm 54% retention rate; 95% current occupancy, 98% 30-day trend. Investors are positioned for outsized returns in a prestigious asset with an accretive TIF component, in a proven growth submarket with limited new supply, within a metro outperforming the nation.

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Caractéristiques de l'actif

Nombre d'unités

221

Occupation

95 %

Année de construction

2024

Surface de l'actif Net

15 128 m²

Média

Points clés d'investissement

Irreplaceable Asset with Accelerating Performance

Distinguished project blending sleek design with upscale finishes and amenities
Accretive TIF component enhances annual cash flow by $150k+, with payments projected through 2047
4.9% average LTO/renewal growth and above-market retention ratio; 95% current occupancy, 98% 30-day trend
Replication rents of ±$3.85 psf, ±60% above in-place, further insulate the asset from new competition
Rare offering by its original development team, at a significant discount to replacement

Core Submarket with Robust Fundamentals

Rare riverfront setting with an abundance of natural amenities, alongside adjacent access to St. Paul's urban core
#2 cumulative rent growth submarket across the Twin Cities since 2020
Rapid absorption with a structurally undersupplied pipeline, met with strong demand
A+ demographics: $102k household income, robust employment drivers, government, eds and meds
One of the nation's top performing multi-housing markets; RentCafe's #1 most sought-after in the US for 1H 2026

Unbeatable Investment with Upside

Generational opportunity for 221 units of trophy scale, impeccably maintained property
West Side adding 1,500+ state employees by 2027 as two agencies relocate
Accelerated rent growth supported by neighborhood fundamentals and clear supply/demand imbalance
Continued St. Paul leasing tailwinds driven by return to office mandates and urban revitalization
High-barrier-to-entry market, premier location, and quality delivers long term competitive advantage