Sale and financing arranged for luxury Minneapolis high-rise Rafter Apartments

MINNEAPOLIS, Feb. 14, 2025 – JLL Capital Markets announced today the successful sale and financing for Rafter Apartments, a luxury multi-housing community in Minneapolis, Minnesota.

JLL represented the seller, a joint venture between Mortenson, The Excelsior Group and an institutional partner, and secured acquisition financing on behalf of the buyer, Roundhouse, to originate a Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC.

Rafter Apartments, located at 333 East Hennepin Ave. in Minneapolis' vibrant Northeast neighborhood, offers residents unparalleled access to downtown Minneapolis, the Mississippi River and the area's thriving dining and entertainment scene.

The 26-story high-rise, completed in 2019, features a mix of studios, one-, two- and three-bedroom units with high-end finishes and panoramic views of the city skyline. Rafter’s extensive amenity package includes a rooftop pool and sundeck, state-of-the-art fitness center, club room, co-working spaces, a maker’s room and more. Its prime location in the heart of Northeast Minneapolis, known for its artistic community and craft brewery scene, appeals to young professionals and those seeking an urban lifestyle.

Minneapolis continues to be a strong market for multi-housing investments, with a diverse economy, highly educated workforce and high quality of life. The Northeast submarket has seen significant growth and demand in recent years.

JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Managing Director Josh Talberg, Executive Managing Director Matthew Lawton, Director Joseph Peris and Managing Director Kevin Girard. JLL’s Debt Advisory team was spearheaded by Managing Directors Brandon Smith, Annie Rice and Scott Loving.

An award-winning property, Rafter’s exceptional design, quality and components are palpable through its custom residences and state-of-the-art amenities. “The asset’s quality coupled with its unbeatable location in Northeast make it a standout investment in the Minneapolis market," said Talberg. “The asset garnered significant investor interest in the marketplace, with a number of both institutional and private capital groups competing for the investment opportunity. We’re thrilled for the buyer, who’s acquiring a premier asset in a dynamic Minneapolis pocket. The asset will be in great hands with its new stewards.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Mortenson is a leading U.S.-based builder, developer and provider of energy and engineering services that helps organizations advance their strategies through high-performing assets and integrated services. Founded in 1954, Mortenson operates across North America with offices in multiple major cities, offering turnkey solutions as a partner fully invested in its customers' business success.

The Excelsior Group is a Twin Cities-based developer and steward for multifamily properties. TEG specializes in creating spaces that connect emotionally with residents and integrate synergistically with communities. TEG is a nimble company, driven by creativity and innovation, with more than 20 years of experience in developing, funding and operating multifamily properties. Learn more about TEG at www.excelsiorllc.com.

Roundhouse, founded in 2008, is a fully integrated developer, owner and operator of multifamily housing with a portfolio of more than 10,000 units and approximately $2 billion under management across the Western United States. With a focus on the resident experience, Roundhouse provides high-quality housing options in high-growth markets across five states and offers comprehensive expertise across the investment, design, construction and property management disciplines.