Wellington Management, Inc. is advancing a six-story, mixed-use apartment project at 1213 E Franklin Avenue in Minneapolis' Ventura Village neighborhood. This development will offer 83 residential units, including 33 affordable homes, and is designed to meet the diverse housing needs of the community. The project is under construction and is expected to be completed by April 2026.
Address: 1213 E Franklin Avenue, Minneapolis, MN 55404
Developer: Wellington Management, Inc.
Project Type: Mid-rise apartments (market-rate and affordable)
Size: 83 units | 83,000 SF gross building area
Status: Under construction (started April 2025)
Estimated Delivery: April 2026
Investment: $1.25 million (portfolio sale)
The development is situated on the former site of the Native American Community Clinic, which will continue to operate alongside the new residential units. This co-location supports holistic community well-being by providing accessible healthcare services to residents and neighbors.
Located within an Opportunity Zone, the project benefits from investment incentives aimed at fostering economic development in underserved areas. The building's design emphasizes walkability and community engagement, with a Walk Score of 80, indicating easy access to local amenities and public transportation.
The Minneapolis multifamily market is experiencing a period of stabilization. As of the third quarter of 2024, the vacancy rate decreased to 7.3% from an all-time high of 8.4% in the first quarter, reflecting a gradual absorption of new units into the market. Construction starts have slowed, with a 60% drop from peak levels, signaling a shift towards equilibrium between supply and demand. This environment supports the viability of mixed-income developments like 1213 E Franklin Avenue.
Founded in 1984, Wellington Management is a family-owned real estate development and property management firm based in St. Paul, Minnesota. The company has developed over 40 commercial and residential buildings within the Twin Cities metro area, focusing on projects that serve community needs and promote long-term neighborhood vitality.
David Wellington, President and co-owner, oversees acquisitions, development, financing, leasing, and property management. His leadership emphasizes transit-oriented development, community engagement, and sustainable urban planning.
The 1213 E Franklin Avenue project exemplifies a thoughtful approach to urban development, integrating affordable and market-rate housing with community services in a walkable, transit-accessible location. Wellington Management's commitment to long-term ownership and neighborhood engagement positions this development as a model for inclusive growth in Minneapolis.
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