VOLUME 31, NUMBER 01
©2015 Law Bulletin Publishing Co.
January 2015
Diverse employment base, pent-up demand behind Twin Cities booming apartment market
By Dan Rafter, Editor
A
diverse employment base. That’s what Thomas O’Neil credits for the ongoing boom in apartment construction in the Minneapolis/St. Paul mar-
ket. And O’Neil should know. He’s the vice president of Midwest FHA operations for Minneapolis-based Dougherty Mortgage, LLC and the author of the company’s latest Market Viewpoint report analyzing the Twin Cities’ multifamily market for 2014 and 2015. O’Neil’s report details just how many new apartment units have hit the Twin Cities’ market in recent years. According to O’Neil’s numbers, since the beginning of 2010, developers have built more than 110 apartment projects with
roughly 13,300 units in the Minneapolis/St. Paul market. O’Neil told Minnesota Real Estate Journal that this is a trend that has been taking place for a long time in the Minneapolis/St. Paul market. O’Neil cites low unemployment and a variety of employer types as the primary reasons why so many young people want to rent in the Twin Cities area. As O’Neil says, the Minneapolis/St. Paul region boasts 18 Fortune 500 companies. “We are strong in banking. We are strong in medical technology and the food industry,” O’Neil said. “Our top employers represent modern industries that are attractive to potential residents. I think that employment strength underpins so much of the construction activity that goes on here.” A diverse employment base, though, isn’t the only reason for the apartment Apartment to page 16
United Properties’ Eva Stevens: A teacher at heart By Dan Rafter, Editor Eva Stevens considers herself a teacher at heart. That’s fortunate: As the new executive vice president and chief operating officer of Minneapolis-based United Properties, Stevens will have plenty of opportunities to teach. That suits this commercial real estate veteran well. Stevens said one of her most important goals at United Properties is to develop the next generation of leaders at the development company, a task that she’ll rely on her teaching skills to accomplish.
“It gives me pleasure to see other people begin to more thoroughly understand what they are doing in this business,” Stevens said. “I like that part of my job. I like mapping out a path for the people working here, to help people understand where their strengths are, to help them sort out how to succeed.” This approach -- mentoring oth- Stevens ers -- has been a successful one for Stevens, helping her to build a successful career in the competitive
world of commercial real estate. She has worked at United Properties alone for 14 years, previously serving as executive vice president of asset management for the company. When Paul Hawkins, executive vice president and chief financial officer of United Properties, announced that he would retire in June, Stevens became an obvious choice for someone who could take on more responsibilities at the company. United Properties also promoted Eric Skalland, who Stevens to page 18