by Dan Rafter
The multi-family market is hot in the Twin Cities, and not just in the hearts of Minneapolis or St. Paul. The close-in suburbs of the Twin Cities are attracting their own share of renters.
That’s why One Southdale Place Apartments, the newly opened luxury multi-family project by StuartCo and Simon makes so much sense. These apartments opened in early September in Edina, a Twin Cities suburb that is badly in need of luxury rental units.
How high is the demand for the type of apartments One Southdale Place offers? StuartCo and Simon say that one-third of the units in One Southdale Place were leased before the apartment project even opened.
And now that apartments are available? That demand is only rising.
“We are now touring people through the development non-stop,” said Lisa Moe, president and chief executive officer of StuartCo. “The demand has been a pleasant surprise.”
Moe points to the walkable nature of the project as one reason for its early success. One Southdale Place is located in a suburb of the Twin Cities. But it also has an urban feel. Residents here can walk to restaurants, stores and parks. They’re also located close to downtown Minneapolis.
At the same time, One Southdale offers less congestion and noise than residents would get if they moved to downtown St. Paul or Minneapolis.
“We are getting a lot of people who like downtown but don’t want to be too downtown,” Moe said. “They want more trees and grass. We think we’re providing them with the best of both worlds.”
One Southdale Place is made up of three buildings. The three-story Plaza building and five-story Crossings opened to residents in early September. The 10-story Tower building will open in early 2015.
The five-acre development at 6800 York Avenue South in Edina features 232 units in a mix of studio, one-, one-plus-den, two-, two-plus-den and three-bedroom floor plans. There are also top-floor penthouse units available for rent.
The units earn their high-end designation, with quartz countertops, stainless-steel appliances, broadloom carpet and nine-foot ceilings. Amenities at the development include an 11th-floor Skydeck, 1,500-square-foot fitness center, club room, private theater, landscaped backyard with outdoor pool, sundeck and putting green.
Moe says that such amenities are a necessity for new multi-family projects today.
“Renters are more sophisticated,” she said. “They expect a variety of amenities. It’s a big deal today for developments to have that solid amenity package.”
Moe says that several of the new tenants at One Southdale Place have told her that they especially appreciate the condo-like finishes inside their units. These high-end finishes, Moe says, has helped attract a wide range of renters to the project, everyone from empty-nesters to young professionals who either work downtown or in the booming medical industry throughout the Edina area.