Please listen to this articleAccording to a recent press release from JLL, luxury high-rise apartments in northeast Minneapolis are being sold to a Boise, Idaho-based company.
According to the release, Rafter Apartments, a recently completed apartment with an occupancy of 94%, was sold by the Boise roundhouse investors by Excelsior Group, Excelsior Group and private institutional investors.
The press release did not disclose the price, and at the time of publication no certificates of real estate values for the transaction were issued.
The Rafter, which ended in 2019, was listed by JLL in September 2024. Located at 333 Hennepin Avenue E. in Minneapolis, it is praised as a rafter to honor the rafters because of the rafters drooping. A group of wild turkeys.
The building spans 283 units on the 26th floor, with units ranging from studio to three bedrooms. There is also a penthouse on the top floor. Apartment amenities include a rooftop pool, fitness centre, coworking space and “manufacturer rooms.” There are 279 parking spaces.
JLL Managing Director Joshtalberg said in an interview Monday that the apartment building will be revived from the North Loop across the Mississippi River.
“The northeast captures a crowd who wants to be in Minneapolis. They want to get closer to everything but still feel a little far away. It also draws into the dynamics of the University of Minnesota on that side of the river. It will be,” he said. “You have an incredibly well-built, impossible asset at the heart of what certainly considers one of the most powerful regions in the city.”
Hennepin County Tax Record estimates its market value for 2024 at $72.5 million. This is a decrease in estimated market values for 2023 and 2022 by $77.3 million and $85 million, respectively. According to a 2020 report by Finance & Commerce, the asset costs around $83 million. When asked about this decline in value, Thalberg declined to comment, noting that the interest rate environment is reflected in “many of the city’s assets value over the past few years.”
Now owner, Roundhouse, has the majority of its investment in multi-family real estate in the Pacific Northwest. Finance & Commerce contacted Roundhouse for this story.
This is the first time Roundhouse has invested in Twin Cities Metro, but Talberg said he expects the group to become the “good custodian” of the site. He said $650 million in capital has been bidding on the rafters, with the top three bidders all being the first investors in the metro market.
“We can only sell to one buyer, so much of that capital is currently looking for the next opportunity in the Twin City,” Talberg said.
Thalberg added that JLL feels good about the direction in 2025. Last month, JLL promoted sales of 610 West Apartments in Brooklyn Park. It traded for $113 million, one of the biggest single property sales in the last four years.
Northeast Minneapolis has built a reputation as home to artists, unique restaurants, the craft beer scene and statue-like historic buildings. Finance & Commerce named Mortenson and Excelsior Property the top project of 2019, pointing out that two artists were hired to create art for the building’s residency.
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Sherman sells affordable Minneapolis apartments
