After a Rapid Lease-Up of Only 5 Months to Over 90 Percent, Mezzo is Being Sold in NE Mpls.

ROERS COMPANIES, REUTER WALTON AND NORTH BAY CONTRACT STELLAR 110-UNIT APARTMENT BUILDING TO DH GUSTAFSON AND MAKADO FOR $24,550,000; RIGHT PRICE AND QUICK ROI FOR INVESTORS DRIVE SALE


MINNEAPOLIS, MINN., — April 26, 2019 – Ownership of one of the first new apartment communities in Northeast Minneapolis is changing hands less than a year since opening. Located at 1331 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 $24,550,000. 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 95% leased and 80% 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 items 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.

“A large portion (54% of the new residents at Mezzo arrived from nearby neighborhoods in Northeast Minneapolis,” said Brian Roers, co-founder of Roers Companies. “It validated our development team’s theory that there are enough local residents who desire to live in  new-construction but stay in the neighborhood they know and love.”

“Our Mezzo project was not only an instant hit with a wide cross-section of people, from millennials, to retiring baby boomers to new Minneapolis residents and others, but it has been proven to be a winner for our investors as well, who will see a very quick return on investment with the sale,” added Kent Roers, also a co-founder of Roers Companies. “Mezzo is also proof that our direct investment model continues to be viable for more than 400 individual partner-investors that we’ve worked with in the six-state area.”

“We are excited about our purchase of Mezzo in Northeast Minneapolis. Mezzo will be a great addition to our portfolio. We have enjoyed working with the very professional staff at Core Living,” said Dan Gustafson, Mezzo buyer.


Mezzo; A True Leasing and Marketing Triumph

Mezzo is currently managed by Core Living (a Roers company), whose team achieved stunning lease-up results by driving occupancy to over 90% in just five short months, powered by a robust marketing strategy.

Kent Roers lauded his marketing team for making Mezzo “the company’s most successful lease-up to date! We ensured our website was our best sales funnel to capture sight-unseen leases, and we used Matterport videos as soon as the units were complete,” he added. “We also captured all floor plans with 360-degree scans and got them added to our website, making for an extremely effective digital marketing presence, focused on the local Northeast community. Those strategic combinations, plus other marketing events in the neighborhood, let us hit a home-run at Mezzo.”

“Our rapid leasing success also stems from appointing the right team members whose passion aligns with that of the tenants and the ownership’s goals,” noted Jamie Luehrs, Director of Property Management with Core Living. “We are thrilled to continue managing Mezzo and to keep driving results for the new owners. Our management style focuses on people-first, while maximizing the owner’s potential for long-term sustainability. With over 3,700 units currently under management and development, we continue to refresh our management and leasing techniques, while personalizing each individual project.”

Latest News