Waterton, a national real estate investor and operator, announced it has acquired 365 Nicollet, a 370-unit, 30-story high-rise apartment community in downtown Minneapolis, Minnesota.
The seller was a joint venture between Opus Development Company and Corebridge Real Estate Investors. Located at 365 Nicollet Mall in Minneapolis’ Gateway District, the building is less than a five-minute walk to the nearest METRO Transit light rail station in the heart of the city’s downtown core and is connected to the Skyway System.
“We are seeing an increase in demand for multifamily rentals in downtown Minneapolis, while new apartment supply is dwindling,” said Casey Mog, vice president, acquisitions at Waterton. “Those key market dynamics, combined with the walkable, transit-oriented location and the high-quality physical condition of the residences and common areas, make 365 Nicollet an excellent addition to our portfolio.”
Constructed, designed, and developed by Opus in 2018, 365 Nicollet presents an opportunity for Waterton to implement a light value add renovation program across residences and common areas. The unit mix includes studio, one-, two- and three-bedroom apartment homes. Finishes include stainless steel appliances, quartz countertops, vinyl plank flooring and floor to ceiling windows. The unit mix also includes 50 penthouse units with a higher end appliance package and hardwood floors.
Residents also have access to an entertainment kitchen, recreation lounge, co-working space, golf simulator, pet spa, dog run, bicycle storage, a controlled-access parking garage, and a well-appointed lobby and concierge level. Planned improvements include refreshed furniture, fixtures and equipment, as well as new flooring and equipment in the fitness center.
365 Nicollet is proximate to Minneapolis’ largest employers, including Wells Fargo, US Bank, Target, Piper Sandler, Ameriprise Financial, RBC Wealth Management, and the Federal Reserve Bank of Minneapolis. The location is walkable to the nearby Whole Foods grocer and the lifestyle amenities of the downtown district, as well as the myriad of retail and dining options of the adjacent North Loop neighborhood, while Target Field and Target Center are a short walk from the community. 365 Nicollet is also a few blocks from I-394, with convenient access to I-94 and the I-35W interchange.
