MREJ Apartment Summit 2026

Minnesota 21st Annual

APARTMENT SUMMIT January 8, 2026

2026 APARTMENT SUMMIT Investment Market Update...................................... 4 Capital Markets & Financing Trends.......................... 18 Design, Construction + Value-add Opportunities......... 26 Operations & Management Toolbox......................... 34 2026 New Development Outlook.............................. 42

FROM CONCEPT TO COMPLETION KAASWILSON.COM MINNESOTA | ARIZONA | NORTH CAROLINA

2 • Submit Your Nominations Today • 2026 MREJ Commercial Real Estate Awards • May 7, 2026 • www.rejournals.com/REawards

THANK YOU TO OUR SPONSORS

AGENDA 8:00 AM Investment Market Update Moderator: Keith Collins

Heidi Addo

Executive Vice President, CBRE

Vice President, Michel Commercial Real Estate

Abe Roberts

Matt Fransen

Senior Vice President Investments, Marcus & Millichap

Principal, Chief Investment Officer, Timberland Partners

Adam Neumann

Todd Dexheimer

Senior Manager, Acquisitions and Development, Bigos Apartments

Co Founder & Principal, Endurus Capital

Dlyan Steman Associate Vice President, Northmarq

• Look back at major apartment transactions from 2025 and how these impact the market • Evaluating value-add opportunities in the market • CAP rate trends and more competition from investors • Submarket analysis: Which submarkets are preforming best and why.

• Expected yields and 2026 market predictions for investors.

• How new construction is impacting the market • Projected market outlook and opportunities for investors.

4 • Submit Your Nominations Today • 2026 MREJ Commercial Real Estate Awards • May 7, 2026 • www.rejournals.com/REawards

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Investment Market Update

Keith Collins Executive Vice President CBRE keith.collins@cbre.com Keith Collins joined CBRE in 1996 and is a Executive Vice President specializing in the sale of apartment properties. He has over 25 years’ experience in selling multifamily properties, having sold over $7.0 Billion in multifamily transactions. Keith is a member of CBRE Institutional Properties nationally and is partnered locally with Abe Appert, and Ted Abramson in Minneapolis. Institutional Properties is comprised of more than 80 individuals who lead teams for the execution of significant capital market assignments.

6 • Submit Your Nominations Today • 2026 MREJ Commercial Real Estate Awards • May 7, 2026 • www.rejournals.com/REawards

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Investment Market Update

Abe Roberts Senior Vice President Investments Marcus & Millichap abe.roberts@marcusmillichap.com Commercial Real Estate agent with Marcus & Millichap; specializing in the acquisitions and dispositions of apartment buildings located in the Twin Cities Metro area.

Investment Market Update

Heidi Addo Vice President Michel Commercial Real Estate haddo@michelcommercialre.com Heidi, an integral part of Michel Commercial Real Estate since 2019, is a market expert known for staying current with the latest multifamily market trends. She leverages this expertise to assist her clients in achieving their goals and strategically positioning their properties for competitive bidding environments.

8 • Submit Your Nominations Today • 2026 MREJ Commercial Real Estate Awards • May 7, 2026 • www.rejournals.com/REawards

Investment Market Update

Dylan Steman Associate Vice President Northmarq steman@northmarq.com Dylan Steman is an associate vice preisdent in Northmarq’s Minneapolis office. He is responsible for sourcing and transacting multifamily investment sales throughout the Twin Cities and greater Minnesota. He works closely with a wide range of clients and finds great satisfaction in guiding his clients throughout the acquisition and disposition process. He prides himself on his high attention to detail and a tenacity to achieve results.

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10 • Submit Your Nominations Today • 2026 MREJ Commercial Real Estate Awards • May 7, 2026 • www.rejournals.com/REawards

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Investment Market Update

Matt Fransen Principal, Chief Investment Officer Timberland Partners mfransen@timberlandpartners.com Matt oversees the acquisition, disposition, and financing activity for Timberland Partners, including sourcing, underwriting, market analysis, and due diligence for new property acquisitions. Since joining Timberland Partners in 2007, Matt is responsible for the addition of over $2.25B in new multifamily acquisitions totaling over 20,000 apartment units to the company’s portfolio. Timberland currently owns an 20,000+ unit apartment portfolio with AUM over $3.7B. Before joining the Timberland Partners team, Matt was a Director of Acquisitions/Dispositions for Denver-based AIMCO, one of the largest apartment REITs in the country. At AIMCO participated in the disposition of over $3B in multifamily property sales. Following his tenure at AIMCO, Matt spent time on the acquisitions team for The Bethany Group, an Irvine, CA-based multifamily operator.

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12 • Submit Your Nominations Today • 2026 MREJ Commercial Real Estate Awards • May 7, 2026 • www.rejournals.com/REawards

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Investment Market Update

Todd Dexheimer Co Founder & Principal Endurus Capital todd@enduruscapital.com Todd began investing in Real Estate in 2008 and has purchased and renovated apartments, single family homes, a mobile home park and even a ski resort. Todd is the owner of Cretin Construction, and is licensed as a general contractor. Todd is also the host of the podcast Pillars of Wealth Creation, which is a bi-weekly podcast teaching others on how to operate successful businesses. Todd lives with his wife and two kids in Mahtomedi, Minnesota.

14 • Submit Your Nominations Today • 2026 MREJ Commercial Real Estate Awards • May 7, 2026 • www.rejournals.com/REawards

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Investment Market Update

Adam Neumann Senior Manager, Acquisitions and Development Bigos Apartments aneumann@tbigos.com Adam Neumann, Sr. Manager, Acquisitions and Development. Since joining Bigos Management in 2020, Adam has overseen acquisitions, new development, and dispositions representing more than 2,100 units and $530 million in value across the Twin Cities. Adam started his career as an analyst at Target, followed by five years in a variety of corporate finance roles with Medtronic. Adam has a finance degree from the University of St. Thomas.

Endurus Capital specializes in valueadd multifamily real estate, focused on generating strong risk-adjusted returns for investors. With decades of experience, our team identifies opportunities that create value and long-term growth. Investing in real estate is a smart decision, and partnering with Endurus Capital makes it even smarter.

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16 • Submit Your Nominations Today • 2026 MREJ Commercial Real Estate Awards • May 7, 2026 • www.rejournals.com/REawards

THANK YOU TO OUR SPONSORS

8:55 AM Capital Markets & Financing Trends Moderator: Andy Gatchell

John Rent

VP of Commercial Real Estate Lending, Park State Bank

Senior Vice President | Commercial Real Estate, Associated Bank

Barry Schneiderman

Nick Place

SVP - Commercial Real Estate, U.S. Bank

Chief Banking Officer, Bridgewater Bank

Cory Bultinck

Trevor Martinez

Partner, Wipfli

Development Manager, Midwest, DEVCO Development

Harley Gold President & CEO, Peakhill Capital

• Interest rates update and what this means to developers and investors • Managing risks in your portfolio • Inflation’s effect on capital costs and project profitability.

• What’s in store for Fannie Mae, Freddie Mac, and HUD programs.

• Creative financing solutions investors should consider • Securing construction loans in today’s market • Long-term debt strategies: fixed vs. variable rates.

• 2026 interest rate forecast and capital markets outlook.

• Deal Structures: Use preferred equity, JVs, earn-outs to boost returns and manage risk in volatile markets.

• Succession & Tax Planning: Apply 2025 estate exemptions, enhanced 1031s, and step-up in basis strategies for tax-efficient family/partner transitions.

18 • Submit Your Nominations Today • 2026 MREJ Commercial Real Estate Awards • May 7, 2026 • www.rejournals.com/REawards

Capital Markets & Financing Trends

Andy Gatchell Vice President of Commercial Real Estate Lending Park State Bank agatchell@parkstatebank.com

Capital Markets & Financing Trends

Barry Schneiderman SVP - Commercial Real Estate U.S. Bank barry.schneiderman1@usbank.com

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Capital Markets & Financing Trends

Nick Place Chief Banking Officer Bridgewater Bank nick.place@bwbmn.com Nick Place serves as Chief Banking Officer, where he oversees all aspects of client growth and relationship management, including lending, treasury management, deposit services, and marketing. Since joining the bank in 2007, Nick has played a key role in driving revenue growth and positioning Bridgewater as a premier Twin Cities commercial bank.

As Bridgewater’s former Chief Lending Officer, Nick led the lending team and managed Bridgewater’s loan portfolio, playing a key role in building and maintaining client relationships. Nick also serves on the boards of Rethos Places Reimagined and Minnesota Housing Partnership, and frequently contributes as a guest speaker on various commercial real estate panels across the region.

MINNESOTA’S TRUSTED LEGAL PARTNER Blake Nelson

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20 • Submit Your Nominations Today • 2026 MREJ Commercial Real Estate Awards • May 7, 2026 • www.rejournals.com/REawards

Capital Markets & Financing Trends

Harley Gold President & CEO Peakhill Capital harleygold@peakhillcapital.com Harley Gold is President & CEO of Peakhill Capital. Harley has closed in excess of $17B in loans in over 3,500 deals over the past 20 years in Canada and the US. Harley has extensive financing experience in all real estate asset types including multi-family, senior housing, retail, industrial, hospitality, and land development. Prior to founding Peakhill Capital, Harley was the Vice President of Business Development at CMLS Financial for 11 years, where he originated for institutional accounts, including RBC and PHN. Harley also worked for 6 years at a US mortgage banking firm and was successful bringing US lenders into the Canadian market. Harley holds a Master of Business Administration from Canisius College and a Bachelor of Arts in Economics from the University of Toronto. Harley is a founding director and the Chairman of the Board of Lighthouse Credit Union, a new credit union formed in 2022 focused on servicing the Jewish community.

IN OUR HAPPY PL ACE Design brings us together, transforming everyday living into an experience that empowers and elevates. JLG’s Multi-Family Housing Studio doesn’t just build walls, we build momentum, opportunity, community, and a better way of life. Our team walks in the shoes of tenants and developers from streetside to rooftop patio to anticipate needs, align budgets with bold vision, and shape smart spaces that invite people to live, connect, and thrive. When driven by design, housing becomes a home, holding the keys to attract residents, differentiate from competitors, and ensure long-term value for investors.

Scan to learn more about JLG’s Multi-Family Housing Studio

Capital Markets & Financing Trends

Trevor Martinez Development Manager, Midwest DEVCO Development trevor.martinez@devcous.com Leader in the multifamily, mixed-use, and tax credit development space with experience developing, acquiring, rehabilitating, and/or recapitalizing over 3,000 housing units and over 160,000 square feet of commercial space in eight states, totaling over $900MM. Strong track record in cultivating working relationships with municipal, state and federal regulatory bodies to obtain entitlement, ownership transfer, and subsidy approvals.

Comfortable and confident in analyzing and negotiating debt and equity proposals as well as partnership, operating, and joint venture agreements.

22 • Submit Your Nominations Today • 2026 MREJ Commercial Real Estate Awards • May 7, 2026 • www.rejournals.com/REawards

Capital Markets & Financing Trends

Cory Bultinck Partner Wipfli cbultinck@wipfli.com Cory Bultinck is the national real estate practice leader at Wipfli. Prior to being the national leader, Cory led Minnesota’s construction and real estate practice. His clients and team value his passion to help others, tenacious approach to his clients’ success and ability to find unique solutions to the most challenging problems. Cory is proactive in providing real estate industry-specific business, operational and tax advisory solutions. He often works collaboratively with his clients and key stakeholders, including attorneys, investors, advisors and strategic partners. His collaboration and commitment to success have led to many lifelong client relationships and a dedicated real estate team that strives toward that same client success.

The Minnesota Multi Housing Association represents the owners and managers of over 300,000 units in Minnesota and strives to do what’s best for their businesses, their residents, and their communities.

To learn more about the advocacy, information, education, and innovation we provide for our members, visit www.mmha.com mha@mmha.com 952-854-8500

Capital Markets & Financing Trends

John Rent Senior Vice President | Commercial Real Estate Associated Bank john.rent@associatedbank.com John Rent is a Senior Vice President of Commercial Real Estate at Associated Bank, managing client relationships for regional commercial real estate investors and developers and financing projects across the country. Prior to joining Associated Bank, John spent 20 years at Wells Fargo, most recently as Director and commercial real estate coverage officer for the upper Midwest, leading client strategy for customers in an eight-state region and managing a $1.5 billion portfolio of commercial real estate loans. John received a B.A. degree in Economics from Carleton College and an M.B.A. from the University of Minnesota’s Carlson School of Management. He is a leader and member of various industry and civic groups, including a board member of the Minneapolis Downtown Council, Membership Co-chair of the Urban Land Institute - Minnesota, as well as a member of the National Association of Industrial and Office Properties (NAIOP).

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24 • Submit Your Nominations Today • 2026 MREJ Commercial Real Estate Awards • May 7, 2026 • www.rejournals.com/REawards

10:05 AM Design, Construction + Value-Add Opportunities Moderator: Blake Nelson

Jessica Huebner

Attorney, Hellmuth & Johnson

Vice President + Director of Property Management, Kleinman Property Management

Devon Lundy Architect, Partner, UrbanWorks

John Nordstrom Managing Partner, Senior Mechanical Engineer, Emanuelson-Podas, Inc.

Erin Young Director of Interior Design, Kaas Wilson Architects

Joyce Stupnik President | Partner, BDH

Jesse Hadley Principal Architect, JLG Architects

• Technology’s role in smart, connected living environments • Integration of AI-driven building systems for energy efficiency and predictive maintenance.

• Innovative construction techniques and material advancements • Adaptive layouts for hybrid work: spaces optimized for home offices and communal collaboration.

• Design trends shaping tenant experiences and expectations • Smart home ecosystems: voice-activated controls and IoT devices for seamless tenant experiences.

• 2026 design and construction forecast • Maintenance + Remodeling: The Cost of Self Managing vs 3rd Party Management • How Property Management companies are leaning into AI • Value-Add Opportunities: Creating the “perfect path” between affordability for tenants and ROI for owners — prioritizing practicality, creativity, and smart spending.

26 • Submit Your Nominations Today • 2026 MREJ Commercial Real Estate Awards • May 7, 2026 • www.rejournals.com/REawards

Design, Construction + Value-Add Opportunities

Blake Nelson Attorney Hellmuth & Johnson bnelson@hjlawfirm.com Blake’s clients don’t conduct business in a vacuum, nor does he take that approach to practicing law. “My clients don’t need me to duplicate their expertise; they count on my guidance when their business intersects with construction, real estate transactions, lending, corporate matters, collections, and many other areas.” He represents businesses in many industries, handling: Real estate purchases, sales and development, Construction contracts, projects and all facets of construction law, Mechanic’s liens and payment bond claims, Commercial leases, Contractor licensing and enforcement actions, Entity formation and buy-sell agreements, General corporate representation, Loan documents and transactions.

Blake also counsels and assists clients in every phase of creditor remedies, from reviewing and improving contracts and credit applications to recovering accounts receivable, filing and enforcing liens, and obtaining and collecting judgments.

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For us, it’s personal.

Whether you are buying, selling or financing multifamily assets in the Minneapolis region, we are invested in your success. At Northmarq, we deliver a personalized experience, with unmatched access to lenders, investment sales experts, a best-in-class loan servicing platform, timely trends and insights, and much more.

CONNECT WITH US TODAY. northmarq.com/minneapolis | 952.356.0100 Investment Sales

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Design, Construction + Value-Add Opportunities

John Nordstrom Managing Partner, Senior Mechanical Engineer Emanuelson-Podas, Inc. jnordstrom@epinc.com John is a managing partner with more than 15 years of experience in the MEP industry. As a licensed professional engineer, he is directly involved in all aspects of mechanical design and considers his true expertise plumbing design. John worked for his family’s plumbing company through college and grew his design expertise on the job at medical office buildings, hospitals, clean rooms and other plumbing-heavy projects. (A bonus of his experience is that John is now EP’s resident expert on all household plumbing issues as well!) As the oldest of 10 children, John learned firsthand the value of teamwork. He works closely with his team members to create solutions and systems that allow his clients to succeed. His contributions go beyond engineering solutions to providing information and knowledge that support the total project team. Outside of work, John enjoys coaching youth sports and spending time at the cabin with his growing family, including a young daughter and three boys under the age of fifteen. They spend their weekends water skiing, fishing, jet skiing, tearing around in the woods and riding dirt bikes. John also likes to buy equipment in need of repair on Craigslist: boats, snowmobiles, even an old F-150 pickup. Just about any machine finds new life in his skilled hands.

Take your business to the next level.

Andy Gatchell VP/Commerical Real Estate Lending 612-568-7997 agatchell@parkstatebank.com Ready to make the move? Start the conversation with Andy.

28 • Submit Your Nominations Today • 2026 MREJ Commercial Real Estate Awards • May 7, 2026 • www.rejournals.com/REawards

Design, Construction + Value-Add Opportunities

Jessica Huebner Vice President + Director of Property Management Kleinman Property Management jhuebner@kleinmanrealty.com Jessica Huebner, CPM® is the Vice President and Director of Property Management for Kleinman. Jessica has been involved in the property management business for over 22 years, working for Kleinman. the entire time of her professional career. She started out with the summer grounds care department part-time, and that evolved into an on-site Resident Manager/Caretaker, Assistant Property Manager, Property Manager, Senior Portfolio Manager, and now Vice President and Director of Property Management. Currently, Jessica oversees close to 2000 market rate units in the Twin Cities area. She is experienced in management, customer service, sales, interior design, fi nancial operations, leasing/ retention, maintenance, safety/code compliance, and strategic planning. She thrives on value add opportunities and bringing teams together to create an amazing investment opportunity for an owner, but also provide a community for residents proud to call home. Jessica is an active member of Minnesota Multi Housing Association (MMHA), and currently serves on the Board of Directors. She is also a member of IREM®, and earned her Certifi ed Property Manager (CPM®) designation. She is a licensed real estate agent and a graduate of the University of Minnesota with a Bachelor of Science Degree, in addition to a graduate of Fergus Falls Community College with a Associate of Arts degree.

Let's discuss your property. Connect with an expert today.

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Design, Construction + Value-Add Opportunities

Jesse Hadley Principal Architect JLG Architects jhadley@jlgarchitects.com Jesse leads JLG’s multi-family, mixed-use, and hospitality projects as a Principal Architect and is a resident expert in those areas of work. He has been working on award-winning multifamily housing, healthcare facilities, and residential housing developments across the country for 24 years. Jesse is a Registered Architect in Minnesota, Wisconsin, South Dakota, North Dakota, Iowa, Ohio, Tennessee, Texas, Colorado, and Arizona.

Building the Extraordinary Roers Companies is a multifamily real estate firm powered by in-house development, construction, and property management. We partner with private investors to build institutional-scale apartments in high-demand neighborhoods.

Learn more at roerscompanies.com 30 • Submit Your Nominations Today • 2026 MREJ Commercial Real Estate Awards • May 7, 2026 • www.rejournals.com/REawards

Design, Construction + Value-Add Opportunities

Erin Young Director of Interior Design Kaas Wilson Architects erin.young@kaaswilson.com Erin is a dedicated design leader with 20 years of experience uniting architecture and interior design to shape meaningful, community-centered spaces. Passionate about using design as a tool for creative expression, well-being, and belonging, she has led highperforming teams across complex multifamily residential projects—driving client vision from concept through completion.

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Design, Construction + Value-Add Opportunities

Joyce Stupnik President | Partner BDH jstupnik@bdh.design I provide leadership and design expertise at one of the largest interior and architectural design firms in the Twin Cities area. I have focused my design career on studying how people interact with their space. Specializing in senior living and multi-housing design, I am passionate about customized design and believe that the architectural spaces I create should engage and enrich the end user. As leader of the firm’s housing sector, I instill these principals into our entire design team. My role has grown over the years to become a leader within our office, specifically focusing on the firm’s marketing and business development efforts. My analytical approach is utilized within my role on the firm’s EOS Leadership Team, where I excel at problem solving, risk mitigation, and strategic planning. Our firm is centered around people, and sitting in a leadership position allows me to build a supportive, creative, and fun workplace for our entire team.

32 • Submit Your Nominations Today • 2026 MREJ Commercial Real Estate Awards • May 7, 2026 • www.rejournals.com/REawards

Design, Construction + Value-Add Opportunities

Devon Lundy Architect, Partner UrbanWorks dlundy@urban-works.com Specialties: Digital Modeling, BIM Coordination, Construction Detailing and Administration

11:10 AM Operations & Management Toolbox Moderator: Clinton Blaiser

Kayla Gibbons

President CEO, Halverson and Blaiser Group Ltd.

Senior Marketing Director, Level 10 Property Management

Angie French President, Mid Continent Management Corporation (MCMC)

Mary Bujold President, Maxfield Research and Consulting

Brady Olson

Matt Hozza

Director of Portfolio Marketing & Leasing, Roers Companies

President, Kleinman Property Management

Josh Hinchley

Bill Harris

Vice President of Leasing & Marketing, Sentinel Management Company

Commercial Sales/Business Development, In-Focus Systems

• AI-powered property management platforms: automating leasing, maintenance, and tenant communication.

• Dynamic pricing models: using real-time data analytics to optimize rental rates and occupancy.

• Navigating evolving regulations and compliance • Tenant engagement apps: enhancing community through event planning and feedback integration.

• Security and privacy solutions: biometric access and cybersecurity for smart home systems.

• Key renter demographic trends: age, income, household size, and nontraditional families.

• Demographics affecting apartment demand: aging population, urbanization, remote work.

34 • Submit Your Nominations Today • 2026 MREJ Commercial Real Estate Awards • May 7, 2026 • www.rejournals.com/REawards

Operations & Management Toolbox

Clinton Blaiser President CEO Halverson and Blaiser Group Ltd. cblaiser@hbgltd.net Experienced Chief Executive Officer with a demonstrated history of working in the real estate industry. Skilled in Apartments, Sales, Market Analysis, Rentals, and Investment Properties.

Operations & Management Toolbox

Bill Harris Commercial Sales/Business Development In-Focus Systems b.harris@infocussystems.com

Bill has been with In-Focus Systems for 5 years on the commercial side of the business.

With a primary focus on creating and sustaining relationships with developers, architects, designers and general contractors. He has been in commercial business development for nearly 20 years, with 5 years at IFS. His experience has allowed him to incorporate his network at IFS to help grow the company on many levels, including tenant improvement, hospitality and multi- family.

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Operations & Management Toolbox

Angie French President Mid Continent Management Corporation (MCMC) afrench@mcmc.rent Angie French’s strengths and experience provide well-rounded property management leadership. She sees the big picture needs while having a keen attention to detail, appreciated by her teams, clients, and customers. With more than 25 years of multi-housing industry experience, Angie has seen and done it all. She has overseen conventional (market rate), senior housing, manufactured housing, receivership (REO), tax credit, Common Interest Community (HOA), and new construction “lease up” properties. Her expertise offers insights into all operational facets of property management. Angie’s impressive background and knowledge shine in her new role as president at Mid Continent Management Corporation in 2025. As a stalwart in the industry, companies, organizations, and developing talent turn to Angie for her insights. The numerous organizations she supports regard her commitment to growth and vision for the future. These include the Minnesota Multi Housing Association (MHA) on several committees and is a past board chair and is a member of the Institute of Real Estate Management (IREM). Driven and devoted to her work, Angie cultivates that spirit and potential in others. Her meticulous care and recognition of improvement make her an excellent mentor, receiving recognition for offering opportunities for young talent.

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36 • Submit Your Nominations Today • 2026 MREJ Commercial Real Estate Awards • May 7, 2026 • www.rejournals.com/REawards

Operations & Management Toolbox

Josh Hinchley Vice President of Leasing & Marketing Sentinel Management Company josh@sentinelapts.com Josh Hinchley brings over a decade of multifamily leadership experience across leasing, marketing, and operations. He has led high-performing teams, guided successful lease-ups, and helped reposition underperforming assets across diverse portfolios. Known for blending innovative marketing and technology with strong operational execution, Josh is passionate about developing people, elevating resident experiences, and driving asset performance.

He currently leads leasing and marketing at Sentinel Management Company, a Twin Cities– based real estate development and property management firm

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Operations & Management Toolbox

Matt Hozza President Kleinman Property Management mhozza@kleinmanrealty.com Matthew D. Hozza, CPM® is the President of Kleinman. Matt has been involved in property management as an owner since 2007 and with Kleinman Realty Co. since 2010. Matt started at Kleinman as a Resident Manager of a 22-unit property in Saint Paul before becoming a Portfolio Manager. He spent his early years out of college in the commercial banking industry becoming proficient at financial analysis before transitioning to property management. Matt became a Certified Property Manager (CPM®) through the Institute of Real Estate Management (IREM®) in 2016. Matt is also on the IREM® Minnesota Chapter Board of Directors. Matt is a licensed real estate sales person in the state of Minnesota and a graduate of the University of St Thomas with a Bachelor of Arts Degree in Business Administration / Entrepreneurship. While attending St. Thomas, Matt won the Student Entrepreneur of the Year Pentair Prize Scholarship.

by

38 • Submit Your Nominations Today • 2026 MREJ Commercial Real Estate Awards • May 7, 2026 • www.rejournals.com/REawards

Operations & Management Toolbox

Mary Bujold President Maxfield Research and Consulting mbujold@maxfieldresearch.com Mary has 40 years of experience in real estate research and consulting and is considered a market expert in the field of residential real estate and in market analysis for financial institutions. She regularly testifies as an expert witness for eminent domain, tax appeal and other types of real estate litigation. As President, she heads projects for large-scale land use and redevelopment studies including downtown revitalization for private developers and municipalities as well as private developers and universities on their student housing needs.

Mary frequently gives presentations at seminars and workshop sessions on current real estate market topics.

Operations & Management Toolbox

Kayla Gibbons Senior Marketing Director Level 10 Property Management kayla.gibbons@level10mgmt.com Kayla Gibbons is the Senior Marketing Director at Level 10 Management. Kayla has 20 years of property management experience, including roles as Director of Operations and Director of Property Management. She has overseen a myriad of asset types, from affordable to luxury, outstate to urban core, owner-managed, fee-managed, cooperatives, and commercial.

Strategy can dictate your success. Let’s develop a plan that allows you to scale with the speed you need.

Visit wipfli.com/realestate.

Perspective changes everything.

40 • Submit Your Nominations Today • 2026 MREJ Commercial Real Estate Awards • May 7, 2026 • www.rejournals.com/REawards

Operations & Management Toolbox

Brady Olson Director of Portfolio Marketing & Leasing Roers Companies brady.olson@roerscompanies.com Brady Olson serves as the Director of Portfolio Marketing & Leasing at Roers Companies, where he plays a pivotal role in leading the leasing team, overseeing all market rate and affordable lease-ups, and driving rent growth at stabilized projects. With five years of successful experience in market-rate lease-up and leadership, Brady brings valuable expertise to his role. His educational background includes a bachelor’s degree in Business Administration with a minor in Hospitality from The University of Wisconsin—Stout.

12:05 PM 2026 New Development Outlook Moderator: Will Anderson

Evan Doran

Director of Development, Sherman Associates

President, The Doran Group

Austin Morris

Jeff Anneke

Co-Founder and CEO, Enclave

Regional Vice President, DBS Group

Chris Culp

Sean Ryan

Chief Executive Officer, The Excelsior Group

Development Manager, Ryan Companies US, Inc.

Daniel Oberpriller Owner, North Bay Companies

• Highlighting new apartment projects completed in 2025 • Opportunities in transit-oriented developments • Amenity evolution: pet-friendly spaces, EV charging stations, and urban farming areas.

• Emerging submarkets: growth in outer-ring suburbs and revitalized urban corridors.

• Streamlining permitting: strategies to address zoning delays and community pushback.

• Financing incentives: accessing tax credits, grants and other resources • Repurposing distressed assets: converting retail and office spaces into residential units.

• 2026 development trends: focus on connectivity and resilient design.

42 • Submit Your Nominations Today • 2026 MREJ Commercial Real Estate Awards • May 7, 2026 • www.rejournals.com/REawards

2026 New Development Outlook

Will Anderson Director of Development Sherman Associates wanderson@sherman-associates.com Will Anderson is the Director of Development for Sherman Associates. He leads the development team in driving real estate development projects in existing and new markets, oversees Sherman’s team of developers, and leads relationships with cities and finance agencies. Prior to joining Sherman Associates in 2012, Anderson worked for both the City of Minneapolis and the City of St. Paul. He holds a Bachelor of Arts degree in Urban Studies with a minor in Management from the University of Minnesota.

2026 New Development Outlook

Austin Morris Co-Founder and CEO Enclave austin@enclavecompanies.com Alongside Co-Founder, Ben Meland, Austin Morris shares in the strategic, organizational and investment responsibilities while supporting development, property management and marketing strategy. Morris leverages his extensive background in real estate investment, site selection, design-development and financing to promote Enclave’s mission, guiding the creation of inspiring spaces for people to live, work, play and invest better. His vision for tangible aesthetics and obtaining the highest relative value has influenced all of Enclave’s investments and developments. Morris’s experience applies to projects spanning all industries, leading deal structures and financing across 150+ developments. The result is significant, forming strong legacy equity investor partners, deep financial institution relationships, positive rapport with municipalities and governing bodies, and an exhaustive approach to sourcing debt and equity to yield the best value for investments.

2026 New Development Outlook

Chris Culp Chief Executive Officer The Excelsior Group chris.culp@excelsiorllc.com Chris Culp founded The Excelsior Group in 2005 to develop, acquire, and manage multifamily real estate. Since its inception, the company has earned a reputation for creativity, excellence, and integrity within the real estate industry. Over the years, The Excelsior Group leveraged its reputation to start, support, and grow several real estate businesses including land development, commercial brokerage services, commercial property management, homebuilder lending and marketing and branding – all of which thrived on The Excelsior Group’s platform. Chris has been active in commercial real estate finance, development, acquisition, and management for nearly 25 years. In particular, he has a deep understanding of the complexities of multifamily development and operations, which has been key to The Excelsior Group’s success in identifying and financing exceptional development projects. Under Chris’ leadership, The Excelsior Group has developed more than $2 billion in multifamily, mixed-use and commercial properties.

2026 New Development Outlook

Evan Doran President The Doran Group evan.doran@thedorangroupus.com Evan Doran is president of The Doran Group, a multigenerational award-winning real estate firm based in Eden Prairie, Minnesota. In his role, Evan sets the strategic direction for the company, which is known for developing, designing, building and managing high-end real estate throughout the Twin Cities and Denver. The Doran Group’s current portfolio includes several high-end retail centers in the Twin Cities and more than 3,000 luxury apartment units, with a combined value of more than a billion dollars. Prior to joining the family development business, Evan worked in California with the Sydell Group, developing high-end boutique hotels and supporting projects like The Freehand Hotel in Los Angeles and The Line Hotel in Austin, TX. After returning to Minnesota five years ago and developing all of The Doran Group’s crucial projects over the past several years, including Lyra Apartments in Centennial, CO, The Ruby Apartments in St. Anthony, MN and the final two buildings within The Reserve at Arbor Lakes in Maple Grove, MN, Evan assumed the role of President of The Doran Group in 2022. Evan holds an undergraduate degree in International Affairs from George Washington University, and a master’s degree in Real Estate from Cornell. Evan serves on the Board of Directors for People Serving People and International Institute of Minnesota.

44 • Submit Your Nominations Today • 2026 MREJ Commercial Real Estate Awards • May 7, 2026 • www.rejournals.com/REawards

2026 New Development Outlook

Daniel Oberpriller Owner North Bay Companies daniel@northbaycos.com Daniel Oberpriller has a unique ability to see not just properties, but potential. That ability, added to his 20 years of real estate experience, is just one reason that North Bay is the fastest-growing real estate firm in the Twin Cities. Daniel’s entrepreneurial drive, along with his talent for securing development sites and networking partnerships, earned him a spot on the Minneapolis/St. Paul Business Journal’s “40 under 40” list in 2013, and has been deemed one of the “100 people to know in 2018” (Over Achiever Award) by the Minneapolis Business Journal.

2026 New Development Outlook

Sean Ryan Development Manager Ryan Companies US, Inc. sean.ryan@ryancompanies.com

2026 New Development Outlook

Jeff Anneke Regional Vice President DBS Group janneke@dbsg.com

2026 Commercial Real Estate Outlook: What Developers Should Know By: Jon Tollefson Managing Director Commercial Banking Bridgewater Bank

A

s we enter 2026, many developers are asking the same questions: Where is the commercial real estate market headed next? Are conditions finally stabilizing? Is now the right time to move projects forward?

While 2025 began with cautious optimism, recent trends suggest a more stable and opportunity-rich environment for developers heading into the new year. Let’s discuss a few trends to keep an eye on: A More Favorable Rate Environment After a prolonged period of yield curve inversion, the curve has normalized, with the 2–10 Treasury spread sitting around +50 basis points. The 10-year Treasury is holding near 4%, and the effective Fed Funds Rate is now around 3.75%.

A softer rate environment is improving access to both equity and debt, prompting some loosening of underwriting standards at community banks, and allowing for slightly lower equity requirements and stronger loan proceeds.

Financing Momentum and Creative Structures CRE lending picked up in Q1 2025, with the CBRE Lending Momentum Index up 90% year-over-year. Local banks, including Bridgewater, are seeing more activity, especially in the multifamily and industrial sectors.

Developers are also leaning into more creative capital stacks, blending senior debt with mezzanine financing or preferred equity to navigate today’s underwriting environment. Overall, we’ve seen a noticeable increase in financing requests, driven by maturities from 2020–2021 loans and growing confidence in a potential “softer landing” for the economy.

Development Continues to Shift Suburban

Multifamily development continues to migrate outward across the Twin Cities. Suburban markets are seeing stronger rent growth and absorption than many urban cores.

According to CoStar, prior to the pandemic, roughly 40–45% of new multifamily supply across the seven-county metro was delivered in Minneapolis and St. Paul. From 2023 through 2025, that share dropped closer to 30%, signaling a meaningful shift in where new multifamily supply is being delivered.

Population Growth and Affordable Housing Demand While overall Twin Cities population growth has moderated compared to the previous decade, outer-ring suburbs remain among the fastest-growing communities in Minnesota. That growth continues to drive demand for both housing and commercial development.

Affordable housing remains one of the most compelling opportunities. Rising homeownership costs and increasing market rents have created a sustained supply-demand imbalance, underscoring the need for experienced lending partners who understand the complexity of these projects.

Positioning for Success in 2026 2026 presents meaningful opportunities for developers, and success often comes down to having the right capital partner, one that can move quickly, think creatively, and understand the nuances of each project.

At Bridgewater Bank, we take an unconventional approach to conventional lending. As a locally led bank with deep market expertise, we partner with developers across the full project lifecycle, from acquisition and construction to refinancing and long-term multifamily financing.

If you’re evaluating opportunities or preparing for upcoming maturities, our dedicated team is here to help you think through strategy, structure, and timing. Call 952.893.6868 or connect with a local expert here.

Member FDIC | Equal Housing Lender | NMLS: 911973

46 • Submit Your Nominations Today • 2026 MREJ Commercial Real Estate Awards • May 7, 2026 • www.rejournals.com/REawards

May 7, 2026

3:30PM - 5:00PM COCKTAIL HOUR 5:00PM - 7:30PM DINNER & AWARDS PROGRAM

DOUBLETREE BY HILTON HOTEL BLOOMINGTON 7800 NORMANDALE BOULEVARD, MINNEAPOLIS, MN Nominate and Submit Your Projects, People and Company Today!

SUBMISSION DEADLINE: MARCH 6, 2026

Expansion of Fidium to more customers and communities marks new era of growth C onsolidated Communications recently announced the next step in its transformation: uniting its residential, business and wholesale lines of business under a single, modern fiber internet and network services brand – Fidium. Fidium now represents all the company’s fiber-based solutions nationwide, and more than 75 percent of its broadband customers. The company is on track to reach more than 80 percent of its footprint with fiber within the next few years.

Since the Fidium brand launched in 2021, it has grown rapidly and earned one of the industry’s highest Net Promoter Scores by redefining home and small business internet service with fiberoptic speed, reliability and simplicity. That same commitment now extends to enterprise, government, education and wholesale customers.

Fidium now represents all lines of business formerly branded as Consolidated Communications: • Fidium Fiber – Residential fiber internet with multi-gig speeds and exceptional simplicity • Fidium Business – Scalable fiber internet, network services, security, voice, collaboration and transport solutions for businesses of all sizes • Fidium Wholesale – High-capacity, carrier-grade transport and connectivity solutions for infrastructure providers nationwide “For commercial and wholesale customers, Fidium means enterprise-level networks, carrier-grade infrastructure, and solutions designed to grow with them,” said Dan Stoll, president of commercial and carrier business, Fidium. “By unifying under one fiber-focused brand, we can scale faster, expand our capabilities and network more seamlessly, while continuing to deliver the secure, reliable connectivity organizations need to compete and succeed.”

The company has invested approximately $1.7 billion in fiber infrastructure since 2020, expanding its footprint to more than 700 communities and earning recognition as one of the nation’s top 10 fiber networks by route miles.

The brand expansion also debuts Fidium’s new tagline, “Fiber Up.”

“As we enter this next chapter, I’m committed to building on our momentum by delivering an exceptional customer experience, driving innovation that sets us apart, and leading this talented team,” said Gaurav Juneja, chief operating officer and incoming CEO, Fidium. “The Fidium brand unites our work as we are standardizing the network to fiber, digitizing the customer experience and energizing our employees. We’re investing in providing access, connectivity and opportunity to hundreds of communities. That’s why ‘Fiber Up’ is more than a tagline - it’s a call to action for people, businesses and communities to grow, innovate and prosper together.”

The Fidium brand will roll out across communications, marketing, support materials and customer invoices over the next several months. Customers can expect the same reliable service and support they trust today. For more information, visit FidiumFiber. com/Future.

About Fidium

Fidium is a next-generation fiber internet and network services company on a mission to be America’s favorite fiber provider.

Available in more than 700 communities, Fidium connects people to the possibilities of fiber – from homes and small businesses to large enterprises, schools, hospitals and entire communities. Backed by one of the nation’s top 10 fiber networks and a commitment to continuous innovation, we’re powering work, life, learning and opportunity. Fiber Up and learn more at FidiumFiber.com.

48 • Submit Your Nominations Today • 2026 MREJ Commercial Real Estate Awards • May 7, 2026 • www.rejournals.com/REawards

Minnesota 18th Annual

CONSTRUCTION Summit

January 29, 2026 The Club at Golden Valley 7:30am Breakfast & Networking 8:00am - 12:00pm Program

Speakers:

Abbie Raudabaugh Flannery Construction

Amelia Reigstad

The Women Collective

Babette Buckner Moltron

Beth Duyvejonck

Opus Design Build, L.L.C.

Bill Ball

Api Mechanical Division

Bill Roehrick

KremerDavis Inc.

Blake Nelson

Hellmuth & Johnson

Chad Rempe Kraus Anderson

Dana Hendrickson

Ryan Companies US, Inc.

David Krco

Best & Flanagan

Gary Pooley Wells

John De Goey

Sponsors:

John Holper

Julie Crawford Mortenson

Kate Johnson The Opus Group

Kyle Willems

Bassford Remele

Laura Ziegler

Associated General Contractors of MN

Mark Becker

Fabyanske, Westra, Hart & Thomson, P.A.

Matt Bergmann Laketown Electric Corporation

Rachel Dana

Ryan Companies US, Inc.

Rich Jacobson

Jessie Otto

RJM Construction

Jodi Tagessen

www.rejournals.com/upcomingevent/

Bassford Remele

Kraus-Anderson Construction Company

Brush Masters

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RSM US LLP

James Ford Egan

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Ted Beckman

Trent Johnson

Monroe Moxness Berg PA PCL Construction Services, Inc.

Troy Blizzard Mortenson

For More Information:

Jeff Johnson jeff.johnson@rejournals.com 612-819-0385

Jay Kodytek jay.kodytek@rejournals.com 612-940-3713

Kleinman Property Management: A Century of Trusted Multifamily Stewardship F or more than 95 years, Kleinman Property Management has been a cornerstone of multifamily housing in Minnesota— quietly shaping communities, elevating standards, and setting a benchmark for what it means to be a true management partner.

Founded in 1930, Kleinman is one of the region’s longest-standing and most respected property management organizations, known for operational excellence, deep local expertise, and a legacy rooted in service, integrity, and long-term relationships.

Today, Kleinman manages more than 170 multifamily communities and over 6,000 doors across Minnesota. As an AMO®accredited firm—a distinction held by only a small number of management companies statewide—Kleinman upholds the industry’s highest standards in ethics, operations, and financial stewardship. Nearly all portfolio managers hold the prestigious CPM® designation, ensuring clients receive leadership from highly trained, credentialed professionals who treat every property as if it were their own.

While the company’s longevity is notable, what truly sets Kleinman apart is its ability to blend heritage with innovation. Behind every community is a cross-functional team supported by centralized systems, real-time financial reporting, and data-driven tools that help owners make informed decisions quickly and confidently.

Kleinman’s operational model centers on transparency, accountability, and performance—delivering consistent results across occupancy, revenue growth, and resident satisfaction.

Kleinman differentiates itself through its in-house service model, which includes 24/7 maintenance support, a fully stocked maintenance warehouse, and carefully vetted vendor partnerships that leverage economies of scale. This structure not only reduces operating costs but also ensures faster response times and higher-quality workmanship. Maintenance technicians resolve approximately 80% of service requests in-house, helping owners avoid unnecessary third-party expenses while improving the resident experience.

Another defining strength is Kleinman’s marketing and leasing engine, anchored by KRCapartments.com, which attracts more

than 25,000 monthly visitors and accounts for nearly 30% of all portfolio-wide leases. Listings are actively optimized, pricing is reviewed using market data, and prospective residents receive immediate follow-up—ensuring higher conversion and shorter vacancy periods. This disciplined approach is reinforced by superior resident relations programs and renewal strategies that maximize retention and stabilize occupancy.

Kleinman’s management platform provides owners with precise, easy-to-understand reporting, budget forecasting, and strategic planning that extends beyond day-to-day operations. Portfolio managers conduct ongoing financial analysis, identify opportunity areas, and proactively collaborate with owners to drive NOI and long-term asset value. Whether navigating compliance requirements, preparing for capital improvements, or analyzing performance trends, Kleinman’s leadership team brings decades of expertise and a steadfast commitment to positioning every client for success.

At its core, Kleinman is a people-first organization—many employees have been with the company for decades, creating unmatched continuity and knowledge depth. Clients benefit from a team that understands the region, values long-term partnerships, and approaches property management with both precision and heart.

In an industry that continues to evolve, Kleinman stands out by pairing the reliability of a legacy firm with the innovation of a modern operator. For multifamily owners seeking a partner who delivers operational excellence, cost efficiency, and trusted guidance, Kleinman remains Minnesota’s most experienced and reliable choice.

50 • Submit Your Nominations Today • 2026 MREJ Commercial Real Estate Awards • May 7, 2026 • www.rejournals.com/REawards

Minnesota 22nd Annual

MEDICAL PROPERTIES Summit

February 11, 2026 The Club at Golden Valley 7:30am Breakfast & Networking 8:00am - 12:00pm Program

RJM Construction

Beth Nordstrom

Louis Suarez

Chantily Malibago

Matthew O’Keefe

Mortenson

Chris Jacobson Lee & Associates

Cole Reethof CBRE

Eric Lee Berkadia

Jill Rasmussen

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Kris Hahn

Ryan Companies BDH

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Sponsors:

Speakers: Ann Duginske Cibulka

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Colliers

Synergy Architecture Studio, LLC

Ross Hedlund

Traditional Commercial Real Estate LLC

Scott Banaszynski Gardner Builders

Steve Brown

Forte Real Estate Partners

Todd Medd

JLG Architects

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APARTMENT APARTMENT SUMMIT SUMMIT Thank You to our Title and Gold Sponsors!

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52 • Submit Your Nominations Today • 2026 MREJ Commercial Real Estate Awards • May 7, 2026 • www.rejournals.com/REawards