JLL Arranges Sale of 88-Unit Multifamily Building in Downtown St. Paul

ST. PAUL, MINN. — JLL Capital Markets has arranged the sale of Rayette Lofts in downtown St. Paul’s Lowertown neighborhood for an undisclosed price. Originally constructed in 1909 and converted to multifamily space in 2014, Rayette Lofts features 88 units and more than 2,500 square feet of ground-floor retail space. Amenities at the seven-story building include a community room, fitness center, spin studio, rooftop deck and outdoor kitchen. The residential portion of the property was 96 percent occupied at the time of sale. The retail portion is fully leased to Saint Dinette, an American restaurant. Mox Gunderson, Dan Linnell, Josh Talberg and Adam Haydon of JLL represented the seller, Sherman Associates. JLL also procured the undisclosed buyer. The building first housed a millinery business before serving as the home of women’s hair product company Rayette. Prior to conversion into apartments, the building served as a parking garage.