This is one of the largest Twin Cities multifamily sales in two years.
Roundhouse has purchased 270 Hennepin, a 346-unit community in Minneapolis, from a partnership between Diamond Realty Investments and Harlem Irving Co. JLL Capital Markets worked for the seller and also arranged a seven-year Freddie Mac acquisition load for the buyer. The building was 95 percent leased at the time of sale, according to JLL. The brokerage calls the deal one of the market’s largest multifamily transactions in more than two years.
Prior to this latest sale, 270 Hennepin was subject to a 2025, three-year loan from TPG Capital, in the amount of $70 million, according to Yardi Matrix data.
Completed in 2021, the 21-story tower spanning 271,115 square feet includes floorplans from studio to three-bedroom formats. The average unit size is 784 square feet. The property has 20,075 square feet of ground-floor retail leased to Puttery, a mini-golf and entertainment concept…