Press Releases
Marcus & Millichap Announces $8M Sale of 48-Unit Multifamily Property in Saint Paul
May 19, 2025
SAINT PAUL, Minn., May 19, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of The Jax, a 48-unit multifamily property in Saint Paul, Minnesota for $8 million.
“The St. Paul market, and more specifically Lowertown, has seen an increase in sales over the past year,” said Chris Collins, first vice president investments. “There has also been some renewed positivity due to the recent news regarding potential changes to rent control laws. Many investors find the basis to be attractive long term as the market continues to improve, and The Jax offered a rare chance to acquire a fully renovated, loft-style asset in a desirable Lowertown location.”
Collins, Evan Miller, Eric Wagner and Matt Shide, investment specialists in Marcus & Millichap’s Minneapolis office, had the exclusive listing to market the property on behalf of the seller, a local limited liability company, and procured the buyer, a Chicago-based investor.
Located at 253 4th St. E, The Jax is a 49,082-square-foot loft-style apartment building in the Lowertown neighborhood of downtown Saint Paul. Originally built in 1909 and fully renovated in 2019, the property offers one- and two-bedroom floor plans, along with amenities including a fitness center, community room and yoga studio. The building is steps from CHS Field, Union Depot, the Saint Paul Farmers’ Market and numerous other cultural and recreational attractions.
“The St. Paul market, and more specifically Lowertown, has seen an increase in sales over the past year,” said Chris Collins, first vice president investments. “There has also been some renewed positivity due to the recent news regarding potential changes to rent control laws. Many investors find the basis to be attractive long term as the market continues to improve, and The Jax offered a rare chance to acquire a fully renovated, loft-style asset in a desirable Lowertown location.”
Collins, Evan Miller, Eric Wagner and Matt Shide, investment specialists in Marcus & Millichap’s Minneapolis office, had the exclusive listing to market the property on behalf of the seller, a local limited liability company, and procured the buyer, a Chicago-based investor.
Located at 253 4th St. E, The Jax is a 49,082-square-foot loft-style apartment building in the Lowertown neighborhood of downtown Saint Paul. Originally built in 1909 and fully renovated in 2019, the property offers one- and two-bedroom floor plans, along with amenities including a fitness center, community room and yoga studio. The building is steps from CHS Field, Union Depot, the Saint Paul Farmers’ Market and numerous other cultural and recreational attractions.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
