Moran & Company Announces Closing Down Two Twin Cities Transactions

Moran & Company informs on how it fast-tracked two Twin Cities transactions in February.

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Chicago-based Moran & Company announces it has closed two Twin Cities multifamily transactions in February: 222 Hennepin, a high-profile mixed-use development in downtown Minneapolis featuring 286 luxury apartments and a Whole Foods Market; and Regency Woods, a 282-unit luxury apartment community in suburban Minnetonka, Minnesota.

The 222 Hennepin transaction focused on Moran & Company procuring equity on behalf of the development’s joint-venture partners, Minneapolis-based Ryan Companies and Eden Prairie, Minn.-based The Excelsior Group. For Regency Woods, Moran & Company brokered the sale for its client within four weeks of going to market.

“We were able to complete both these transactions on very quick timelines relative to what’s typical in this market,” said Peter Evans, partner with Moran & Company. “That’s a testament to our market expertise in the Twin Cities, as well as the strong relationships we’ve cultivated with both institutional investors and local owner-operators.”

Evans noted those relationships were especially important in securing equity for 222 Hennepin, a transaction Moran & Company finalized with an unnamed institutional investor in early February after presenting the opportunity to investors in July 2011. “Minneapolis has a big pipeline of deals in play, which means a lot of developers are chasing equity,” he said. “But with its impressive luxury amenities, retail component and ideal location, 222 Hennepin is the premier development in downtown Minneapolis, making it an excellent investment.”

Located on the northeast corner of Hennepin and Washington Avenues, 222 Hennepin will include two six-story buildings and a 38,000-square-foot ground-level Whole Foods Market, the first in downtown Minneapolis.

Apartments will range from studio to two-bedroom-plus-den configurations, and will feature a package of upscale finishes such as 9-foot ceilings, solid-surface countertops, premium appliances and cabinetry, and balconies or terraces. Residents will also have access to community amenities including a third-floor rooftop terrace, a resort-style outdoor swimming pool and sundeck with private cabanas, an outdoor fireplace and bocce court, a resident coffee bar, wine cellar, two club rooms and a fitness center.

Evans added that while the amenity package at 222 Hennepin will set the bar for other luxury apartment communities in the Twin Cities, the development’s walkable, transit-oriented location will truly set it apart. Residents are just blocks from stations on the MetroTransit Light Rail System and the Northstar Commuter Rail, and also have easy access to the main MTC bus line along Hennepin Avenue and the Skyway, an 8-mile climate-controlled pedway connecting 80 city blocks in downtown Minneapolis.

“The corner of Hennepin and Washington is a unique anchor site in downtown Minneapolis,” said Andy Finn, director of capital markets at Ryan Companies. “From the beginning we were determined to tap the best resources within and beyond Ryan Companies to assemble a project that the neighborhood and City would embrace.  Moran & Company fit the bill perfectly and played an instrumental role in helping us assemble the best financial package for the project.”

Construction is underway at 222 Hennepin, which is scheduled for completion in 2013.

Also in February, Moran & Company completed the sale of Regency Woods on behalf of an institutional investor to Golden Valley, Minn.-based Bigos Management.

“There was very strong interest in this property, which helped us turn around the transaction very quickly,” said Evans. “Bigos Management is one of the largest apartment owners in Minneapolis, and this property will be a nice addition to their portfolio. Minnetonka is a very desirable location for renters, and there are plenty of opportunities to add value to the community through unit upgrades.”

Located at 2200 South Plymouth Road in Minnetonka, Minn., Regency Woods is comprised of six three-story buildings and a clubhouse surrounded by woods and wetlands. The community offers studio, one- and two-bedroom floor plans and amenities including in-unit washers and dryers, balconies and patios, fireplaces and vaulted ceilings.  Additionally, residents have access to a clubroom, fitness center, tennis and racquetball courts, an indoor swimming pool, and heated, underground parking.

Moran & Company (www.moranandco.com) is a Chicago-based real estate services firm specializing in the sale and recapitalization of institutional-quality multifamily properties including Class A and value-add opportunities. Moran & Company has marketed or sold more than $15 billion in properties for institutional clients nationally since 1996. Moran & Company has offices in Irvine (CA), Chicago, Dallas, Denver, Houston, Seattle, and Washington D.C.

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