The Flats at West End is situated on approximately one-acre in an unbeatable location near The Shops at West End, within minutes of downtown Minneapolis.
The Flats offer 119 rental flats, designed for those who crave a walkable lifestyle with immediate access to premier neighborhood amenities. The property is fully amenitized including The Pub (a community room featuring a flat-screen TV, sound system, bar, kitchen, and entertaining space); second-floor patio, pool and outdoor entertaining space; bocce ball court; fitness club and yoga studio; and a roof-top terrace and entertaining space with an outdoor fireplace, grill and outstanding views.
The Excelsior Group (TEG) provided site identification, acquisition, feasibility analysis, financing, market trends and demographics evaluation, architect and builder selection, entitlement and approvals, marketing, branding, and leasing services. Upon completion, TEG assumed asset and property management responsibilities.
The Flats was 85% leased at Certificate of Occupancy, and was stabilized within three months of opening (August 2013). The property owner plans to own The Flats for the long-term. TEG arranged long-term financing through a HUD-insured mortgage. The owner benefited from TEG’s experience with HUD-insured mortgages by achieving favorable loan terms that matched their strategic goals.