MINNEAPOLIS — A joint venture consisting of Mortenson, The Excelsior Group and an institutional partner has sold Rafter Apartments, a 26-story high-rise community located at 333 East Hennepin Ave. in the Northeast neighborhood of Minneapolis. Boise, Idaho-based developer and operator Roundhouse acquired the property for an undisclosed price.
Completed in 2019, Rafter Apartments offers a mix of studios, one-, two- and three-bedroom units. Amenities include a rooftop pool with a sundeck, fitness center, clubroom, coworking spaces. The property also features a maker’s room with work benches, community tools and tool rental, a sewing machine, cricut machine, utility sink and storage lockers.
JLL Capital Markets represented the seller in the deal. Additionally, JLL arranged acquisition financing through Fannie Mae on behalf of the buyer.
Josh Talberg, Matthew Lawton, Joseph Peris and Kevin Girard of JLL Capital Markets led the investment and sales advisory team that represented the seller in the deal. Brandon Smith, Annie Rice and Scott Loving led JLL’s debt advisory team.