Real Estate Guide: Luxury for lease

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April 8, 2014
By: Sarah McKenzie
The rooftop at 222 Hennepin.
Sarah McKenzie

The high-end rental market shows no signs of cooling as new apartment developments keep sprouting up in the city. 

More than 3,000 new apartment units opened in 2013 throughout the Twin Cities, according to Marquette Advisors’ latest Apartment Trends report. 

Downtown Minneapolis accounted for 1,653 of those units, according to Marquette Advisors. The Uptown area has also seen significant rental construction activity. 

Rents have also been increasing with some projects featuring units leasing at more than $3,000 a month.

Downtown Minneapolis apartments have the highest average rents at $1,402 a month, according to the 2013 fourth quarter update. The vacancy rate was 4 percent.

Average rents in the city outside of downtown was $969 a month and the vacancy rate was 2.2 percent. 

The apartment developments have been attracting young professionals reluctant to commit to a mortgage, retiring baby boomers looking to downsize and newcomers to the Twin Cities looking for an urban lifestyle. Here’s a quick look at 10 new rental developments with some of the fanciest amenities in town. 

>> Uptown

The Walkway

1312 W. Lake St.

Overview: A 91-unit apartment development in the heart of Uptown from developer Clark Gassen.

Amenities: The Walkway reports it has the first exclusive concierge for an apartment residence in the Twin Cities — Jean Pierre Dechateau who once worked for Mariah Carey. The project is also home to the new Coup D’etat restaurant and the R Bar — a personal lounge/bar for residents. It also has a pool and spa with a cantilevered hot tub overlooking Lake Street. 

Rents: $1,400 to $3,500 a month

www.thewalkway.com

Lime Apartments

2900 Lyndale Ave. S. 

Overview: A 171-unit development that opened November, 2013.

Amenities: Lime also has a “splash desk” with a pool and hot tub overlooking Lyndale Avenue. The rooftop deck has a clubhouse, fireplace and grilling area with impressive skyline views. The apartment building also has a “tek lounge” with iPads and a billiards table along with a 24-hour fitness studio with a yoga studio and sauna. 

Rents: Ranges from $1,200 to $3,000

www.limeapartments.com 

Flux Apartments

2838 Fremont Ave. S. 

Overview: Flux features more than 200 apartments.

Amenities: The six-story apartment building boasts the largest outdoor pool in Uptown, a hot tub and cabanas. Flux also has a 24-hour fitness center with sauna, private off-leash dog park, lawn bowling and a café/pub room, among other things. 

Rents: $1,200 to $3,400

www.liveinflux.com

Elan Uptown

2837 Dupont Ave. S.

Overview: A 591-unit development that will be fully complete by the end of 2014.

Amenities: Elan Uptown features a resort-style pool, cabanas, direct access to the Midtown Greenway and a six-floor residence lounge with a rooftop terrace, among other things.   

Rents: Ranges from $1,385 to $3,260 

www.elanuptown.com

Be @ The Calhoun Greenway 

3140 Chowen Ave. S.

Overview: A 185-unit development that opened December 2013.

Amenities: The apartment development has a concierge, car wash, indoor/outdoor pool, fitness center, massage, movie theater, pet salon and free DVD movie library, among other things.

Rents: $1,175 to $2,115

www.beuptown.com

>>> Downtown 

Brunsfield North Loop 

915 Washington Ave. N. 

Overview: A 47-unit boutique apartment building designed by noted Julie Snow Architects with a sleek, minimalist modern design with many sustainable design features. 

Amenities: The Brunsfield has an onsite concierge, a storage room for bikes, a fenced-in dog walking area, organic gardening plots and a color program that allows tenants to personalize the color of their unit with a consultation from former HGTV star Cy Winshop. 

Rents: $1,275 to more than $4,000 a month for a penthouse unit

www.brunsfieldnorthloop.com 

Soo Line Building City Apartments 

101 S. 5th St. 

Overview: A 254-unit apartment development in the 19-story Soo Line building, which was once the tallest building in the city until the Foshay and Rand towers surpassed it in 1929.

Amenities: An indoor rooftop swimming pool with skylights and sunbathing deck, an “indoor sky club” with a lounge and gourmet kitchen, concierge and skyway-level specialty market, wine bar and restaurant.

Rents: Ranges from $1,050 to $4,000 for a penthouse unit 

Website: soolinebldgcityapts.com

222 Hennepin

222 Hennepin Ave. S.

Overview: The development features 286 apartments above a 40,000-square foot Whole Foods Market.

Amenities: The development is LEED-Silver certified, a fitness club and yoga studio, rooftop pool, skyline terrace, Zen courtyards, rooftop gourmet grill, bocce ball court, Jag Club with wine room, coffee lounge and concierge. 

Rents: $1,100 to $2,800 a month

www.222hennepin.com

Mill & Main 

501 Main St. SE

Overview: A seven-story development on the East Bank near the Stone Arch Bridge.

Amenities: Mill & Main features a hotel-style lobby; a fitness center with views of the riverfront; a central terrace with a pool, bar and dining area; and a pet spa. 

Rents: $1,150 to $3,500

www.millandmain.com

Dock Street Flats 

337 Washington Ave. N.

Overview: A two-building development featuring 185 apartments near Target Field situated next to the Cedar Lake bike and pedestrian trail. 

Amenities: Dock Street Flats has a rooftop deck with outdoor fire pit, sun terrace with a spa/pool, Internet café, complimentary coffee bar, community bike sharing program, pet wash and outdoor pet exercise area, direct access to the Cedar Lake bike trail and on-site retail

Rents: $1,308 to $2,150

www.dockstreetflats.com