Weidner Apartment Homes, a global real estate investment and property management company recognized as a developer of multifamily housing, acquired the mixed-use high-rise multifamily building, Nic on 5th Apartments, in West Downtown Minneapolis, MN.
Nic on 5th is in front of the Nicollet Mall Light Rail Stop and is one of only two skyway-connected high-rises built in the last ten years. The building’s direct access to public transportation provides residents with a rare, seamless connection to Minneapolis’s major attractions and employers. The community has 253 units, a four-story heated parking garage, and is 26 stories tall. It is also the first luxury high-rise building in downtown Minneapolis that is designed to achieve the Leadership in Energy and Environmental Design (LEED) Certification.
This acquisition marks Weidner’s eighth multifamily community in the Minneapolis/St. Paul rental market, growing its presence to 5,099 units. Nic on 5th is located on Nicollet Avenue of Nicollet Mall, a twelve-block shopping district with a major arts and entertainment area. The community is in the heart of the Central Business District, used by over 140,000 employees daily, including five Fortune 500 Companies, Target, USBank, Thrivent Financial, Xcel Energy, and Ameriprise.
Nic on 5th holds 25,404 SF of retail space for four storefronts on the first and second floors. The previous owner repurposed 4,019 SF of commercial space to add an indoor pickleball court to the resident amenity package.
The tower holds 24 floor plans of studio, one-, two-, and three-bedroom apartment homes and penthouses ranging between 560 to 2,791 SF for an average unit size of 788 SF. Each home boasts high-end finishes, like gourmet kitchens with gas ranges, porcelain tiling, and floor-to-ceiling windows showcasing downtown views. Nic on 5th has a best-in-class amenity package highlighted by a clubroom, a resort-inspired outdoor pool, and reservable guest suites.
Weidner Apartment Homes is the current owner and manager of Nic on 5th Apartments and is eager to continue growing with the redeveloping downtown Minneapolis market by providing the community with quality rental homes.