A joint venture of Brickstone Partners and KMK Capital LLC have broken ground on a 200-unit luxury apartment community in Minneapolis, Minn. The 300,000-square-foot property is located near Lake Calhoun and is expected to be valued at more than $119 million once completed in 2020.
The JV purchased the site for LakeHaus in 2015 and have spent more than three years navigating a “challenging process” to redevelop the site from a former 1950’s-era office building.
“We are very excited to see this legacy project come to life,” said Dan Otis, principal at Brickstone Partners, in prepared remarks. “Our vision for LakeHaus began in 2015 and it took three years to secure entitlements and put in place all of the other necessary details to make LakeHaus a success. The location is unrivaled and provided the catalyst to build arguably the most luxurious apartment community in the Twin Cities.”
Located at 3100 W. Lake St., LakeHaus offers a mix of studio, one- and two-bedroom units, as well as five penthouses. The property is situated about 5 miles from downtown Minneapolis and will be within walking distance from a future light rail stop. The eight-story community will feature floor-to-ceiling windows, a fitness center, saunas, a sun deck and a rooftop pool. Additional amenities include a two-level underground parking garage with 373 spaces, courtyards, grilling stations, an outdoor maze, guest suite and car share service.
Minneapolis’ multifamily market has one of the highest occupancy rates among major U.S. metros, according to a Yardi Matrix report from earlier this year. Supply is struggling to keep up with demand, resulting in rental growth well above the national average.
Image courtesy of KIMK Capital LLC and Brickstone Partners