Peter Evans believes in the Twin Cities. And so does the company he serves as partner, Chicago’s Moran & Company. It’s no surprise, then, that Moran & Company continues to do steady business in the Minneapolis/St. Paul multi-family market.
Moran & Company continued this tradition earlier this year, closing two Twin Cities-based multi-family transactions in February: 222 Hennepin, a mixed-use development in downtown Minneapolis, and Regency Woods, a 282-unit luxury apartment community in suburban Minnetonka.
As Evans says, the Twin Cities remains one of the strongest multi-family markets in the country.
“The Twin Cities area has the best demographics in the Midwest for apartment fundamentals,” Evans said. “It has one of the highest median incomes in the Midwest. It has a highly educated workforce. It has a below average unemployment rate. It is just a perfect market for renters.”
Evans also pointed out that the Twin Cities boasts the most Fortune 500 companies per capita than any other MSA in the country.
With 222 Hennepin and Regency Woods, Moran & Company has further strengthened its position in the Twin Cities.
In the company’s 222 Hennepin deal, Moran & Company procured equity on behalf of that development’s joint-venture
partners. 222 Hennepin is an interesting project, a mixed-use development in downtown Minneapolis that features 286 luxury apartments and a Whole Foods Market.
For Regency Woods, Moran & Company brokered the sale of the development — a 282-unit luxury apartment community in Minnetonka — for its client after the development sat on the market for just four weeks.
Evans says that he expects Moran & Company to close several more multi-family deals in the Twin Cities in the future. The market is just too desirable of one for this not to happen, he said.
“Minneapolis remains the preferred destination for young professionals in the upper Midwest,” Evans said. “That means that the Twin Cities has a constant influx of young, professional renters entering the area.”