Inland Private Capital Corporation, a sponsor of securitized 1031 exchange programs, has reported the grand opening of The Arlow on Kellogg, a newly developed, 144-unit Class A multifamily property located in downtown St. Paul, Minnesota.
Located at 253 Kellogg Boulevard West, The Arlow on Kellogg is a gated six-story property consisting of studio, one-, two- and three-bedroom units and 136 parking spaces. The first floor has approximately 7,000 square feet of retail and dining options. As of May 27, 2022, the property was 82 percent leased.
Completed in 2021, each unit has energy-efficient appliances, an in-unit washer and dryer, and a private patio/balcony, among other amenities. Property amenities include sundeck, live and work lobby with co-working spaces, fitness center, clubhouse, private conference rooms, pet wash station, bicycle storage and fix-it station, billiards and bubble hockey, a spa/hot tub and an outdoor entertainment area with bar seating, games and grilling.
“Ideally positioned in the heart of downtown St. Paul, The Arlow on Kellogg experienced a rapid lease up before opening, underscoring a significant need and growing tenant demand throughout the market,” said Dan Zatloukal, executive vice president – head of asset management for Inland Real Estate. “We believe its infill location combined with high quality, luxury features and amenities make this a desirable property that blends well with St. Paul’s resurging landscape.”
The Arlow on Kellogg is located across the street from the Xcel Energy Center arena, near the Saint Paul RiverCentre and the Roy Wilkins Auditorium, and is nine miles from the Minneapolis central business district and seven miles from the Minneapolis-Saint Paul International Airport.
Inland Private specializes in offering multiple-owner, tax-focused, private placement investments as well as qualified opportunity zone investments throughout the U.S. In 2021, it has monetized more than $1.5 billion in real estate on behalf of its 1031 exchange platform. Since inception, it has monetized in excess of $3.5 billion in full-cycle transactions on behalf of its investors. Currently, the firm manages a portfolio of more than $10.5 billion across several asset classes spanning 43 states.
As of December 31, 2021, the firm had sponsored 287 private placement real estate offerings, with investments and developments in the multifamily, self-storage, hospitality, healthcare, student housing, retail, corporate office, senior living, and industrial sectors.
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