2410 University Ave W, Saint Paul, MN, 55114, US

C&E Living Apartments

Asset Description

JLL is pleased to present C&E Living Apartments, a charming makeup of vintage and modern units offering best-in-class living within St. Paul’s South St. Anthony Park community.

C&E Lofts (104 units), completed in 2012, transformed the original Chittenden & Eastman furniture factory into loft-style, historic apartments with high ceilings and an urban feel. C&E Flats (119 units), its modern counterpart, was developed directly adjacent in 2017, creating one dynamic community. Today, C&E Living presents unmatched optionality through its beautifully executed combination of innovative and historic homes with in-demand layouts and highly sought-after community amenities.

Situated at the intersection of University and Raymond, C&E boasts an unrivaled location in the epicenter of the Twin Cities. The property’s immediate proximity to restaurants, entertainment, employment, retailers, and more coupled with its direct access to I-94, MN-280, and the Metro Green Line LRT make it a top destination for renters. Additionally, the asset’s conveniently central location offers an effortless commute for couples and roommates who commute in opposite directions.

The greater Twin Cities multi-housing market is outperforming across the country, highlighted by its #1 RentCafe ranking for rental demand (now four months running). Recent data helps contextualize the extreme supply constraint on the go-forward, driven by today’s construction costs, permit activity, and the city passing its rent stabilization ordinance. Although the ordinance has been modified to be significantly less restrictive - including a 20 year exemption for new assets like C&E - it has created a cliff to the delivery pipeline. The supply and demand imbalance will provide investors with significant pricing power and lead to outsized growth and returns.

C&E Living Apartments presents a dynamic investment offering with existing natural upside plus an opportunity to unlock additional potential through a value-enhancement strategy. The asset boasts historically strong performance and is exceptionally well-positioned to capitalize on the sustained demand and forward-looking supply constraints.

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Attributes

Number of units

223

Building area net

15,845 m²

Parking spaces

259

Occupancy

96%

Media

Investment Highlights

Best-in-Class, Award-Winning Asset

Unmatched optionality with both Flats-style and Lofts-style units, creating the ideal fusion of timeless charm and modern living, appealing to residents of all preferences

Luxury resort-style amenities highlighted by an outdoor pool, rooftop deck overlooking the Minneapolis skyline, fitness center (plus a separate yoga studio), and state-of-the-art clubroom

Dynamic 2012/2017 construction investment opportunity offering natural upside in addition to promising value-add strategies

Convenient and desirable amenity retail, with a popular brewery and restaurant on-site

Union-built, premier quality and components with a timeless design

Heart of the Twin Cities Location

Exceptionally well-connected to the greater Twin Cities via I-94, MN-280, in addition to a Metro Green Line stop immediately out the front door

Highly convenient location, within 15-minutes of downtown Minneapolis and St. Paul as well as the MSP International airport

High-growth pocket of the city, with continuous investment in new amenities - leading to a 45% population growth since 2010

Fantastic Property Performance Coupled with Strong Demand Drivers

Zero additional apartments either under construction or proposed for future construction, creating further supply constraints in the submarket

Twin Cities leading national average rent growth plus an outsized growth forecast in the immediate submarket

Strategically positioned within a thriving eds and meds location, C&E is poised to benefit from substantial capital investments in the surrounding area and the University of Minnesota