222 Hennepin Apartment Complex Sells for a Record $109M
- Mar 17, 2015
Minneapolis native Ryan Cos. has announced the sale of 222 Hennepin in Minneapolis’ North Loop to Seattle-based Weidner Apartment Homes. The 600,000-square-foot mixed-use complex sold for a record $109 million. A CBRE team consisting of Keith Collins, Abe Appert, Laura Hanneman and Malcolm McComb represented the seller in the transaction.
Located at the corner of Hennepin and Washington avenues, 222 Hennepin consists of 286 luxury apartments and a Whole Foods Market and was designed by Ryan A+E and Dallas-based Humphreys & Partners Architects. The property underwent a redevelopment project led by Ryan Cos., The Excelsior Group and Dallas-based Invesco Real Estate in 2013.
“We are proud to have been involved in the project with the city, the Excelsior Group, Invesco Real Estate and CBRE. We are excited for what the sale says about the profile of Minneapolis on the national stage, and we look forward to additional opportunities to participate in the renewal and redevelopment of our neighborhoods and communities,” Ryan said in a statement.
According to the Minneapolis/St. Paul Business Journal, the sale of 222 Hennepin set a new record by topping the $100 million paid by AEW Capital Management for Opus Group’s Nic on Fifth multifamily tower in the fall of 2014.
222 Hennepin is one of several other projects undertaken by Ryan Cos. in the Twin Cities, including Vintage in St. Paul and Downtown East, a $400 million mixed-use project adjacent to the new Vikings Stadium in Minneapolis. The LEED Silver-certified project is also Weidner’s eighth apartment acquisition in Minnesota over the last 17 months.
Image courtesy of Ryan Cos.
Click here for further market data on the Twin Cities.