Ownership of one of the first new apartment communities in Northeast Minneapolis is changing hands less than a year since opening. Located at 1301 Marshall Street NE, the 110-unit, Mezzo Apartments, is being sold by Roers Companies, Reuter Walton Companies and North Bay to a partnership with entities related to DH Gustafson Company and Makado for $24,550,00. The cost to build the stellar building – the first market-rate multifamily project to be developed in the fashionable neighborhood in over a decade – was $20M. The sale closed April 25th, 2019.
The building’s appeal proved substantial to renters – and the buyer –when the property leased to over 90% in under five months. It’s currently 93% leased and 78% occupied. Typically, properties take 12-18 months to stabilize. Mezzo offers modern living amenities in a desirable location for residents who value both the old-world charm of NE and the contemporary conveniences that the current market demands.
It is packed with luxury amenities you’d expect in the North Loop – without North Loop rents, including: a bike shop/craft room; pet wash and salon; fitness center, quartz countertops, smart kitchen cabinetry; full-size washer/dryer; plus, a Skydeck offering splendid views of Downtown and the River.
