RMK Management Remodeling Popular Rental Property
- Jun 17, 2015
Chicago—Renovations to a luxury rental community are progressing.
Chicago-based RMK Management Corp. completed the second phase of a four-year renovation of 360-unit The Churchill in downtown Minneapolis. The second phase was a full rehab of all common spaces at the high-rise. The first phase involved upgrading all apartment homes.
Built in 1982, The Churchill was already a Class A rental property. RMK jumped on the opportunity to upgrade the community to the latest standard for luxury living.
“The Churchill has long been a desirable address for renters seeking high-end amenities and a convenient downtown location, but we knew this property could be even more luxurious,” said Anthony Rossi Sr., president of RMK Management Corp. “Through our work in other markets, we had insight into what the newest, ultra-luxury properties in cities like Chicago are offering, and we wanted to bring that to the Minneapolis market.”
The projects timing concurs with the other upscale rental properties in development in the Minneapolis/St. Paul market.
“Several new luxury rental communities have been built over the past three years, so with this renovation, The Churchill is well-positioned to compete with these newly opened properties,” said Rossi.
The thorough renovation included a full remodeling of the lobby, updates to the cyber café and business center and the addition of a new movie theater, a demonstration kitchen, game room and lounges on the lower level of the building. On the 33rd floor, RMK is making improvements to the indoor pool, adding a steam room and sauna and bringing outdoor grills and a fire pit to the neighboring rooftop patio.
Other property additions feature an expanded fitness center with state-of-the-art equipment, a pet spa and a concierge station with an on-site concierge. RMK added 90 new storage lockers to The Churchill and updated the laundry room with new washer and dryer units that send text alerts when machines are available and a laundry cycle is finished.
Occupancy at the property remained near 95 percent through the renovations.
“Although the rental market is very strong right now, it’s also highly competitive,” said Rossi. “In order for a 30-year-old property to stay relevant, it needs to offer the same level of finishes, amenities and services to renters who have a growing number of housing options available to them. With this renovation, we have not only met but exceeded the luxury standard set forth by today’s newly constructed rental towers, delivering the best-in-class residential experience for which RMK is known.”
RMK Management was named the 2015 “Management Company of the Year” by the Institute for Real Estate Management.
The Churchill, situated in downtown Minneapolis, offers one- and two-bedroom apartments ranging in size from 710 to 1,200 square feet, with rents starting at $1,210 per month. Upgrades to all units were completed in the first phase of renovations.
The community overlooks the Mississippi River and has direct access to the Minneapolis SkyWay, an indoor pedestrian walkway connecting several miles of downtown Minneapolis. Residents also have easy access to public transportation and Interstate 394, and the property is near the Minnesota Twin’s Target Field.