MINNEAPOLIS--(BUSINESS WIRE)--Brickstone Partners Inc. and KMK Capital LLC, today announced the groundbreaking of LakeHaus, a 200-unit, 300,000-square foot building that will be among the most luxurious apartment communities in Minneapolis. With sweeping views of Lake Calhoun and downtown, the project features floor-to-ceiling windows, a state-of-the art fitness center, hot tub, saunas, and a large amenity/sun deck and rooftop pool.
“We are very excited to see this legacy project come to life,” said Dan Otis, principal at Brickstone Partners. “Our vision for LakeHaus began in 2015 and it took three years to secure entitlements and put in place all of the other necessary details to make LakeHaus a success. The location is unrivaled and provided the catalyst to build arguably the most luxurious apartment community in the Twin Cities.”
Brickstone Partners is a seasoned, full-service real estate investment and development firm with roots in Minnesota and Colorado. Founded in 2001, Brickstone focuses on providing high-end luxury housing in legacy locations. LakeHaus will be a best-in-class, eight-story post-tensioned concrete apartment building, constructed on a 1.7-acre site at 3100 West Lake Street and featuring two levels of subterranean parking totaling 373 spaces. The development site is optimally situated on Lake Calhoun’s northwest shore and is near Calhoun Commons, a Whole Foods Market anchored shopping center.
Additionally, LakeHaus will be within walking distance to a future light rail stop and is less than five miles from downtown. The building’s unit mix is comprised of 36 studio, 85 one-bedroom and 74 two-bedroom units, as well as five penthouses. In addition to luxury finishes in each of the homes, the community also will include spacious courtyards, gourmet grilling stations, an outdoor maze, top-floor clubroom, lobby with coffee bistro, guest suite and a car share service along with a communal sailboat for use on the lake. Set for completion in 2020, the property will provide sweeping views of Lake Calhoun, downtown and the surrounding area.
The project is being led by Daniel Otis of Brickstone Partners and in partnership with KMK Capital’s Mike Kennedy. The organization purchased the site more than three years ago and have navigated a challenging process to redevelop the 1950’s office building that currently stands.
Denver-based HFF’s Kristian Lichtenfels and Josh Simon led the financing effort and provided an attractive loan facility from multiple National Lenders. The joint venture also kicked off a new formal equity relationship between Deutsche Finance America (DFA) and Brickstone Partners. Based in Denver, Jason Lucas has recently taken the helm of DFA as their managing partner for North America.
Said Otis, “Our hope that this building contributes substantially to the fabric of the community and also the architectural heritage of Minneapolis. Furthermore, I am very excited to kick off a new formal relationship with Deutsche Finance America and Jason Lucas, a long-time colleague and friend.”
LakeHaus is anticipated to be valued at more than $119 million when complete and will be the premier apartment community in the Twin Cities.
About KMK Capital Inc.
Michael G. Kennedy is the Manager of KMK Capital LLC, a Denver-based real estate investment and development firm specializing in residential and multi-family real estate. Over the last eight years, Kennedy has participated in more than 100 real estate transactions resulting in year-over-year double-digit returns. Kennedy moved to Denver in 1998 and is a former partner of Gallagher Enterprises, a local private equity firm, where he focused on real estate in support of Gallagher’s many operating companies. He was also the key developer of the Grand River Ranch, a 19,000-acre shared-ranch community in Kremmling, Colorado.
About Brickstone Partners
Brickstone Partners, Inc. is a full-service real estate investment and development firm with offices in Denver and Minneapolis. Founded in 2001, Brickstone has been involved in more than 2.1 million square feet of office, retail and multi-family investment and development. Most recently, Brickstone has been focused on developing high-end multi-family housing in legacy locations in highly desirable neighborhoods. The Company is also co-sponsor of the Google Regional Headquarters in Boulder, Colorado. While Brickstone delivers strong returns to its investors, it is equally committed to adding long-lasting value to the communities and neighborhoods it serves.