Roundhouse Buys Twin Cities Luxury Community
The 26-story high-rise came online in 2019.
Roundhouse has acquired Rafter Apartments, a 283-unit luxury multifamily property in Minneapolis. The joint venture of Mortenson, The Excelsior Group and an institutional partner sold the asset.
JLL brokered the deal on behalf of the seller and arranged acquisition financing through Fannie Mae. JLL Real Estate Capital will service the loan.
Located at 333 E. Hennepin Ave., the high-rise is close to a host of dining and retail options and less than 2 miles from downtown Minneapolis. The Minneapolis–Saint Paul International Airport is some 10 miles southeast.
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The community rises 26 stories and came online in 2019. The building features studio, one-, two- and three-bedroom units ranging between 417 and 2,733 square feet.
Common-area amenities include a rooftop swimming pool, fireplace, dining and gaming area, sundeck, outdoor theater and fitness center. The property also has a clubroom with lounge areas, as well as a home office, a makers room, EV charging stations and a dog run.
JLL Capital Market’s Investment and Sales Advisory Managing Directors Josh Talberg and Kevin Girard, together with Executive Managing Director Matthew Lawton and Director Joseph Peris, brokered the deal on behalf of the seller. JLL’s Debt Advisory Managing Directors Brandon Smith, Annie Rice and Scott Loving arranged the financing.
Twin Cities multifamily investment picked up pace last year
Last year, Twin Cities’ multifamily investment involved 68 communities—almost 9,190 units—that traded for roughly $1.4 billion, according to Yardi Matrix information. This marks a considerable increase from the 26 assets totaling less than 4,080 apartments that changed hands in 2023 for $662.1 million.
With transactions continuing to pencil out, the market holds steady. At the beginning of the year, Gaughan Cos. sold Village Apartments, a 252-unit community in Forest Lake, Minn., for $24.5 million. The 1978-completed property traded for $24.5 million.
Other recent notable deals in the area include Spyglass Capital Partners acquisition of 610 West Apartments, a 480-unit asset in Brooklyn Park, Minn. The Doran Group sold the Class A asset that came online in 2018.
