Description

JLL is pleased to present Soo Line Apartments – an award-winning high-rise opportunity in Minneapolis’ thriving urban core. A fully union-built, Beaux Arts-era adaptive re-use project, Soo Line boasts 254 units of historic charm and timeless luxury. This rare apartment tower is being offered at a 50%+ discount to replacement cost in one of the Twin Cities’ highest barrier to-entry submarkets.

Highlighted by a 96 Walk Score, Soo Line ideally places its residents in the middle of it all. The property is positioned at the heart of Minnesota’s densest economic and cultural hub – 45M SF of office space, home to 5,100+ businesses and five Fortune 500 headquarters, alongside countless entertainment, dining, and lifestyle amenities. Moreover, downtown momentum continues to build as the largest employers move decisively back to in-office work, fueling resurgence in the district’s daytime population and vibrancy, plus an added leasing tailwind to drive Soo Line performance.

Soo Line’s strong recent performance is underscored by 5.3% net effective lease trade-out/ renewal growth, alongside a growing retention ratio – a direct product of an unprecedented supply cliff coupled with accelerating demand, plus ongoing urban revitalization trendlines and return to office mandates. The property’s growth runway is further supported by a robust set of fundamentals – A+ demographics with high income and top employment, rent headroom relative to the competitive set, and a competitive for-sale condo market where owning runs 63% more costly than renting at Soo Line. Collectively, these dynamics position Soo Line investors to capitalize on outsized performance and returns in an asset of its profile.

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Attributes

Units

254

Occupancy

91%

Year renovated

2013

Rentable area

189,353 sf

Media

Investment highlights

Irreplaceable Asset with Proven Performance

100% union-built Beaux Arts landmark, blending historic character with A+ modern finishes and design
Rare adaptive reuse offering at a basis over 50% below today’s replacement cost
Impressive leasing trajectory highlighted by 5.3% LTO/renewal growth and growing retention ratio
Property stability & proven vision evidenced by firm occupancy trends and accelerating retention ratio (57% T-3 months / 61% in September)

Core Submarket with Robust Fundamentals

Main-on-Main downtown Minneapolis CBD location, skyway connected with a 96 Walk Score
Central access to 45M SF of office space, home to 5,100+ businesses and five Fortune 500 headquarters
Full market absorption of lease-up supply coupled with the steepest supply cliff across the metro
A+ demographics underscored by $125k average household income, surrounded by downtown’s largest employers plus a deep eds-and meds base
Competitive nearby for sale condo market with a $616k average price, where owning runs 63% more costly than renting at Soo Line

Unbeatable Investment with Upside

Generational 254-unit tower opportunity, institutionally operated and maintained
16,034 SF commercial opportunity across four dynamic, turnkey suites
Accelerated rent growth supported by high incomes, rent headroom to comps, and clear supply/demand imbalance
Robust third-party submarket outlook, 96% occupancy forecast and outsized growth projection
Additional momentum driven by urban revitalization tailwinds and return-to-office mandates