Log In

Log In

Choose which member portal you would like to log in to:

Board Portal Log In

PAC Portal Log In

| Blog | Resource Directory | YouTube Channel


Jobs Spur Building of Thousands of Luxury Apartments

Posted by GREATER MSP on Monday, August 31, 2015

Strong Greater MSP Economy, Job Market Spurs Developers to Build Thousands of Luxury Apartments in Urban Neighborhoods


The Star Tribune reported last month that competition for Minneapolis Saint Paul rentals is still tight, despite 10,000 apartments built since 2013. The average vacancy rate for market-rate apartments in the region was 2.5 percent at the end of the second quarter, almost exactly as it was last year. 


This has been good news for developers, landlords and city dwellers. The Minneapolis St. Paul Business Journal recently reported the sale of the luxury apartment building Velo for $31 million or $300,000 per unit. Velo (as seen in the image) in downtown Minneapolis' trendy North Loop was built in 2014 by The Opus Group.


The North Loop near Target Field, home of the Minnesota Twins, is a fast-growing neighborhood on the edge of downtown with thousands of new residential units, many small businesses and creative firms as well as trendy shops and restaurants. The New York Times recently offered up this tour of the North Loop. 

Not finding what you’re looking for?

Contact a GREATER MSP Rep for help

Contact Representative
Site Map
Back to top