7450 MN-7, St. Louis Park, MN, 55426, US

Helix Apartments

Asset description

Jones Lang LaSalle (JLL) is pleased to offer for sale Helix Apartments, a 167-unit multifamily community in the heart of St. Louis Park, MN. Built in 1985 and extensively renovated, this asset offers investors a unique opportunity to capitalize on robust asset-level growth and sustained submarket momentum.

Strategically positioned along the bustling MN-7 thoroughfare, Helix boasts exceptional visibility and accessibility. Its prime location offers residents seamless connectivity throughout the Minneapolis MSA, enhanced by proximity to major highways and a future Green Line Light-Rail stop. Helix stands minutes away from major employers including UnitedHealth Group, General Mills, Methodist Hospital, and Cargill, as well as Downtown Minneapolis. The property's appeal is further amplified by its proximity to Minnesota's premier retail and office corridors - Knollwood, Wolfe Park, and West End. The surrounding affluent housing market, with average home sale prices of $550,000 over the past year, underscores the area's desirability.

Currently 98% occupied, Helix is exceptionally well-positioned for continued strong performance. With zero units under construction in St. Louis Park and the immediate stabilized comp set averaging 96% occupancy, the submarket is primed for substantial rent growth. This potential is already evident in the asset's impressive 5.00%+ net effective renewals on the last 18 leases.

Helix Apartments represents a rare chance to acquire a proven, stabilized asset at 36% below replacement cost in one of the Twin Cities' most sought-after submarkets. Offered free and clear of existing debt, JLL welcomes qualified offers for this exceptional investment opportunity, with an anticipated closing in Q3 2025.

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Attributes

Units

167

Occupancy

98%

Year built

1985

Building area gross

165,380 sf

Land area gross

6.65 acres

Media

Investment highlights

Irreplaceable Asset with Strong Performance

Podium construction with spacious floorplans and superb amenity package that rivals new construction comps, including pool, fitness center, dog park & wash, underground parking, community lounge, coffee bar, and rooftop terrace.
Helix is 98% occupied and has maintained an impressive average occupancy of over 93% since 2022 while competing with new deliveries in lease-up.
The property has experienced strong renewal rent growth of 5.00% over the last 18 signed leases and maintained a 56% renewal retention.

Compelling Market Fundamentals and Demographics

Limited future development pipeline, as there are 0 units currently under construction in St. Louis Park, and the City’s population growth has exceeded unit deliveries by 2,394 since 2010.
Offered at a significant discount to replacement cost of 36%, with new construction rents needing to surpass existing rents at Helix by 60% to achieve a 6.50% return on cost.
Strong submarket third-party average rent growth projections of 3.69% through 2027, coupled with impressive absorption on recent new deliveries.
Impressive demographics, including an average household income of $134,691, 2.30% unemployment rate, and population growth of 9.30% since 2010.
Average trailing 12-month home sale price of $550,000 in the immediate neighborhood provides a financial advantage for renters at Helix, representing over $1,800 in monthly savings.

Unrivaled Access to Minnesota’s Largest Demand Drivers

Strategically located with immediate proximity to four highways plus the 2027 delivery of the multi-billion-dollar Green Line extension.
Prime access to commercial and retail as the property is minutes from some of the largest retail corridors, including Knollwood, Wolfe Park, and West End.
Located near some of the largest employers in the State, including UnitedHealth Group, Optum, General Mills, Cargill, and within 10 minutes from 5 Fortune 500 company headquarters in Downtown Minneapolis.
Thriving med-tech hub with Methodist Hospital, Park Nicollet campuses, Allina Health, and Children’s all having a major presence within St. Louis Park and the immediate submarket.
Minutes from the Minneapolis Chain of Lakes and Cedar Lake Trail, offering diverse recreational amenities for residents.