Over the last five years, multifamily rental development has experienced an unprecedented renaissance. We saw it coming as millennials and empty nesters came of age and weren’t necessarily interested in owning a home anymore, or yet. Amidst these demographic shifts, home ownership rates declined and a rental-centric marketplace emerged nationwide. Over the next 18 months, we will be delivering over 2,400 apartment homes in nine separate projects across our platform.
Zeroing in on Urban
Within the multifamily sector, we have focused our efforts primarily on urban or edge of urban development opportunities and generally at the higher end of the multifamily spectrum.
Within the urban environment our projects are naturally more complex, making them a good fit for our vertically integrated in-house team with development, architecture and construction experts under one roof. This makes us nimble and efficient, which is especially beneficial for complex multifamily projects with many moving parts. This vertical integration, combined with a holistic, client-centric approach to project delivery, gives us a significant competitive advantage.
Delivering Luxury Multifamily to the CBD
A prime example of urban luxury was
The Nic on Fifth®. Opening in fall 2014, it was the first high-rise luxury apartment constructed in downtown Minneapolis in nearly three decades. The 26-story building features 253 units, including 26 penthouses. In 2018, we will deliver our second high-rise development in Minneapolis, just one block north of The Nic. 365 Nicollet will up the ante for luxury living in downtown Minneapolis. Slightly larger and taller than The Nic, the 30-story high-rise will have 369 apartment units and retail space on the ground level.
Although we are later in the multifamily cycle, we remain bullish in this sector. Working collaboratively with our clients, community leaders and other stakeholders, we continue to strategically execute well-conceived, well-located multifamily developments across our platform with our vertically integrated model.