Matt Rauenhorst, Vice President, Real Estate Development
Years with Opus: 13 years
Project Credits: 365 Nicollet Luxury Multifamily, Lincoln Drive Apartments, Variant Luxury Mixed-Use Development, Oxbō Luxury Mixed-Use Development, The Foundry, Venue at Dinkytown, The Station on Washington and Stadium Village Flats
Event: Minnesota Commercial Real Estate Women Monthly Program: Oxbō Case Study
Key Points from the Panel
- Matt Rauenhorst led a panel with project team members, including Jennifer Gordon, CPM, senior vice president of The Excelsior Group, and Aaron Roseth, president & principal of ESG Architects, who shared insights on the various aspects of the successful luxury multifamily development in Saint Paul.
- Saint Paul had good market drivers and a positive demographic looking to rent—both millennials and Baby Boomer empty nesters. There hadn’t been a privately developed and funded ground up project in Saint Paul for years. Our capital partners saw and understood the vision, allowing us to develop this unique project.
- Amenities are an important part of these multifamily projects. According to Aaron, the building “walks a fine line to offer the correct design and amenities to a variety of tenants.” In fact, amenities have become the differentiator in these projects with efficient units and condo-like finishes. Attention to detail sets the building apart.
- “Opus was thoughtful about the project and the ground floor experience,” Aaron said. “They kept the pedestrian feel on West 7th similar to how it had been historically.”
- Our approach to market-rate apartment projects has been to create a live-work-play environment. This project was able to create a play-live-work environment in which residents are able to walk to work. Many residents chose to live at Oxbō because it offers great energy with very close activities—not only what’s offered at Xcel Energy Center. Additionally, highways, roads and the interstate are easily accessible, offering great mobility.
- Property marketing and management of Oxbō, done by The Excelsior Group, contributed greatly to the project’s success. The team took the best of Saint Paul and amplified it for the brand, which helped drive the interior design, which was done by our Opus interior design team. Additionally, Jennifer added that many developers will cut the finish budget to make sure the project comes in on budget, but Opus doesn’t. Those details contribute to the overall environment and appeal of the project.