Roundhouse Buys 346-Unit Hennepin Tower
The 21-story Minneapolis apartment tower was 95 percent leased when it changed hands in one of the market's largest multifamily deals in over two years.
Updated on Nov. 10, 2026 in Apartments
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Roundhouse has purchased 270 Hennepin, a 346-unit apartment community in Minneapolis, from a partnership of Diamond Realty Investments and Harlem Irving Co. JLL Capital Markets represented the seller, and the buyer secured a seven-year Freddie Mac acquisition loan.
Why it matters
The sale is one of the market's largest multifamily transactions in more than two years, signaling investor interest in Minneapolis apartments. Asking rents in the Minneapolis-St. Paul metro rose 2.1 percent year-over-year as of September, outpacing the national average.
The 271,115-square-foot tower averages 784 square feet per unit and includes 20,075 square feet of ground-floor retail leased to Puttery. Terms of the buyer's loan and the sale price were not reported.
The players
Roundhouse
Roundhouse is the buyer that acquired 270 Hennepin, adding a 346-unit Minneapolis community to its portfolio.
JLL Capital Markets
JLL Capital Markets is the commercial real estate advisory arm of the global firm Jones Lang LaSalle, which worked for the seller and arranged the buyer's financing.
The details
The 21-story tower, completed in 2021, includes an indoor pool on the 19th floor, a fitness center, a yoga studio, a private dog run, rooftop patios, and a four-level heated underground car park with EV charging. The property was subject to a three-year, $70 million loan from TPG Capital taken out in 2025.
Timeline
2021: The 270 Hennepin tower was completed.
2025: The property took a three-year, $70 million TPG Capital loan.
September: Minneapolis-St. Paul asking rent growth was reported at 2.1 percent year-over-year.
November 10, 2026: Roundhouse's acquisition of 270 Hennepin was reported.
Market Landscape
The Minneapolis deal fits a pattern of agency-backed acquisition financing for large apartment towers, as buyers use long-term Freddie Mac loans to close big multifamily purchases. Its scale stands out against a metro where rent growth has run ahead of the national pace.
Renters considering Minneapolis apartments should expect asking rents to keep climbing, with the metro up 2.1 percent year-over-year as of September. Tenants at 270 Hennepin face a building that is 95 percent leased and offers amenities including an indoor pool and heated underground parking with EV charging.
The takeaway
Strong demand for large, amenity-rich towers in Minneapolis is reflected in both this sale and rising asking rents. Renters comparing options should weigh rent trends against building amenities when deciding where to lease.
Further reading
For more on rental listings and building trends, explore Minneapolis Apartments coverage.
Source note: This article includes information reported by 301 Moved Permanently.
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