Lupe Development Partners
Lupe Development Partners is a women-owned, Minneapolis-Saint Paul-based real estate developer founded in 1989 that plans, finances, owns, and manages affordable, market-rate, senior, mixed-use, and commercial properties in the Twin Cities urban core, with 1,200+ units delivered to date.
- Company typePrivate
- Founded1989
- HeadquartersMinneapolis, United States
- Headcount11–50
- GTM typeB2B and B2C
- OfferingServices
What Lupe Development Partners does
Lupe Development Partners, LLC is a privately held, women-owned real estate development company founded in 1989 by Lucy Brown and Steve Minn in Minneapolis, Minnesota, now headquartered in Roseville, MN. The company plans, designs, finances, owns, and manages residential, senior, mixed-use, and commercial real estate projects concentrated in the Minneapolis-Saint Paul urban core and select Twin Cities suburbs. Since founding, Lupe has developed, owned, or renovated more than 1,200 apartment and condominium units and more than 1 million square feet of retail, residential, and industrial property, with a portfolio spanning affordable family housing, market-rate housing, 55+ senior housing, student housing near the University of Minnesota, condominium conversions of historic buildings, and select commercial assets including medical office and ground-leased retail.
The business operates three primary revenue streams: recurring rental income from owned residential and commercial properties, development and construction-management fees on owned and joint-venture projects, and periodic property or ground-lease sales. Recent product cadence has accelerated substantially, with notable openings including Lakefield Apartments (110 affordable units, September 2025), Wirth on the Woods senior campus (200+ units, $52M, September 2024), The Flats at Malcolm Yards (143 affordable units, 2023), Forty-Forty Flats (118 senior units, 2023), and Lake Street Dwelling (111 affordable units, 2020). The company differentiates through transit-oriented, environmentally responsible design (over 600kW of solar installed since 2004), brownfield reclamation, "woonerf" multimodal street design, and an intergenerational housing campus concept bundling senior and family affordable units.
Lupe executes its development pipeline via deep joint-venture partnerships (Wall Companies, Ecumen, Swervo Development), multi-source public financing stacks drawing on Hennepin County, the Metropolitan Council, City of Minneapolis Affordable Housing Trust Fund, Minnesota Housing Finance Agency, and Minnesota DEED, plus private lenders and tax-credit investors (AFL-CIO Housing Investment Trust, Raymond James, R4 Capital, Allianz Life, Great Southern Bank). The 11-50 person team combines development, construction, and legal expertise (co-founder Steve Minn's prior service as Minneapolis City Council Member, State Commerce Commissioner, and Minneapolis Public Housing Authority Commissioner), positioning Lupe as a repeat-counterparty for complex affordable and mixed-income urban projects in the Twin Cities.
Lupe Development Partners firmographics
Firmographics- Name
- Lupe Development Partners
- Legal name
- Lupe Development Partners, LLC
- Website
- https://lupedevelopment.com
- Company type
- Private
- Founded year
- 1989
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Lupe Development Partners is a women-owned, Minneapolis-Saint Paul-based real estate developer founded in 1989 that plans, finances, owns, and manages affordable, market-rate, senior, mixed-use, and commercial properties in the Twin Cities urban core, with 1,200+ units delivered to date.
- Ownership category
- akta.pro rank
Lupe Development Partners industry classification
Industry- Product category
- Real Estate Development
- NAICS
- Residential Property Managers (531311), New Multifamily Housing Construction (except For-Sale Builders) (236116), Residential Building Construction (2361)
- SIC
- Operators Of Apartment Buildings (6513), Real Estate Agents & Managers (For Others) (6531), Land Subdividers & Developers (No Cemeteries) (6552)
- akta.pro primary industry
- Multifamily Apartment Property Management (BPAJAFAA)
- akta.pro secondary industries
- Independent Living Real Estate Owners/Operators (REITs & Management Companies) (HLADAAAG), Independent Living Community Development & Construction (Senior Housing Developers) (HLADAAAH)
Keywords
Where Lupe Development Partners is headquartered
LocationHeadquarters
- HQ city
- Minneapolis
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Lupe Development Partners business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Operations, Supply Chain, Personnel, Infrastructure, Marketing or Sales, Others
Revenue model
- Property Rental Income: Residential and commercial rental income from owned properties including apartments, mixed-use developments, and retail/office spaces. Properties serve multiple income segments from affordable to market-rate.
- Real Estate Development Fees: Development fees generated from planning, designing, and managing real estate development projects for their own portfolio and joint ventures.
- Property Sales: Occasional sale of developed properties and ground leases, such as the Woodbury Chick-fil-A ground lease sale in 2021.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Market-rate rental units (Lago) |
| Subscription | Monthly | Affordable senior housing (Forty-Forty Flats) |
| Subscription | Monthly | Affordable senior housing (The Hillock) |
| Subscription | Monthly | Affordable housing income restrictions |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels4 records
Lupe Development Partners product offering
Product offeringCore offering
Lupe Development Partners plans, designs, develops, owns, and manages residential and mixed-use real estate development projects in the Twin Cities urban core and surrounding communities. The company's portfolio spans affordable housing, market-rate apartments, senior housing (55+), student housing, condominiums, and commercial properties delivered through new construction and adaptive reuse. Since 1989, Lupe has developed over 1,200 apartment/condominium units and more than 1 million square feet of retail, residential, and industrial property, generating revenue primarily through recurring rental income and development fees.
Product overview
Lupe Development Partners is a Minneapolis-based, women-owned real estate development company that plans, designs, and manages residential and mixed-use real estate development projects in the Twin Cities urban core and suburban communities. The company's portfolio consists of distinct property types including affordable housing (East Side Apartments, Lake Street Dwelling, The Flats at Malcolm Yards, Snelling Yards), market-rate housing (Lago, The Eloise), senior housing (The Theodore, Wirth on the Woods, Forty-Forty Flats, Little Canada Senior Housing), student housing (Marcy Park Apartments, The Cluster), condominiums (Madison Lofts, Franklin Lofts, Eat Street Flats, Flour Sack Flats), and commercial/office properties (Roseville Central, Woodbury Central, Standard Heating & Air Conditioning). The company develops both new construction and adaptive reuse projects, with a focus on transit-oriented development and urban revitalization. Since 1989, Lupe has developed over 1,200 apartment/condominium units and over 1 million square feet of retail, residential, and industrial property.
Differentiator
Problem solved
Functional benefit
Products and services
- East Side Apartments 216-unit affordable housing campus in Saint Paul's Dayton's Bluff neighborhood consisting of two properties — one new construction and one vintage renovation — providing affordable rental housing for low- and moderate-income households.
- Lake Street Dwelling 111-unit affordable apartment building in the Lyn-Lake area of Uptown Minneapolis; first phase of a mixed-income campus with transit-oriented amenities and dedicated units for homeless veterans.
- Lago Seven-story market-rate rental building with 132 units and 1,000 square feet of ground-floor commercial space; phase two of Lupe's mixed-income campus on Lake Street with rents starting at $1,190 per month.
- The Flats at Malcolm Yards 143-unit, six-story affordable apartment building in the Prospect Park neighborhood featuring a mix of studio, one-, and two-bedroom units with fitness center, business center, and sky lounge.
- Wirth on the Woods (The Theodore and The Eloise) $52M senior housing campus in Bryn Mawr, Minneapolis near Theodore Wirth Park, comprising The Theodore (100 affordable 55+ units) and The Eloise (100 market-rate 55+ units), with property management by Ecumen.
- Forty-Forty Flats 118 units of affordable senior (55+) housing near Southdale Center in Edina, developed in partnership with Edina Housing Foundation and operated by Ecumen with rents ranging from $650 to $1,600 per month.
- Lakefield Apartments Third phase of housing in the Uptown Lake Street corridor featuring 110 units of affordable family housing with large 3- and 4-bedroom units suited to families.
- Snelling Yards (The Hillock and family housing) Intergenerational housing campus in the Hiawatha neighborhood combining The Hillock (95-100 affordable senior units at 30%-60% of AMI) with a 95-unit affordable apartment community for families near the Blue Line LRT, developed as a Lupe/Wall/Ecumen joint venture.
- Broadway Flats Mixed-use affordable housing community at West Broadway and Penn Avenues in North Minneapolis providing workforce housing with first-floor retail tenants.
- Mill City Quarter 150-unit affordable apartment community in the Mill District of downtown Minneapolis featuring the "Woonerf" concept that prioritizes bikes and pedestrians.
- Stone Arch Apartments Stone Arch Apartments 1 (221 units, mixed-income) and Stone Arch Apartments 2 (91 units, affordable) in the St. Anthony Main/riverfront area of Minneapolis, with extensive renovation completed in 2024.
- Marcy Park Apartments
Quantifiable outcome
- 36-year track record of successful project completion
- +3 more outcomes
Companies that use Lupe Development Partners
Customer profileNamed customers8 records
Segments5 records
Ideal customer profiles7 records
Lupe Development Partners technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Lupe Development Partners partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core, minor and major.
- Wall CompaniescoreJoint venture partner on multiple major projects including Malcolm Yards (The Flats at Malcolm Yards, Malcolm Station), Snelling Yards, and Flour Sack Flats. Wall Companies has nearly 60 years of development history in Twin Cities with hundreds of residential units and 2+ million square feet of retail, office, and industrial property.
- Snelling Yards Development (Lupe/Wall/Ecumen Joint Venture)coreJoint venture between Lupe Development Partners, Wall Companies, and Ecumen for The Hillock (100-unit affordable senior) and Snelling Yards (89-unit affordable family) intergenerational campus at Snelling and 45th Street.
- Ballentine VFW Post 246minorPartnership with Hennepin County and VFW Post 246 to serve homeless veterans with safe housing, programming and services at Lake Street Dwelling and other properties.
- Edina Housing FoundationcoreSelected by Edina Housing Foundation to develop 118 units of affordable senior housing at 4040 W. 70th Street near Southdale Mall.
- Swervo Development CorporationmajorJoint venture partner on Wirth on the Woods senior housing campus (2800 Wayzata Boulevard) in Bryn Mawr neighborhood.
- EcumencoreSenior housing manager and development partner for Wirth on the Woods (Theodore and Eloise), Forty-Forty Flats in Edina, and Snelling Yards intergenerational campus. Ecumen operates nearly 100 properties in 40+ communities and provides property management, community programming, and services for senior housing projects.
Scale indicators8 records
Recent moves9 records
Expansion highlights6 records
Lupe Development Partners competitors and assessment
Company assessmentEmerging players
- Ecumen: Ecumen is a senior housing operator and development partner managing nearly 100 properties across 40+ communities; Lupe partners with Ecumen on Wirth on the Woods, Forty-Forty Flats, and Snelling Yards. Comparable in senior housing product and Twin Cities presence, but with an operator (rather than developer) orientation.
- Cardinal Group Companies: Cardinal Group is a national multifamily developer and manager with student and conventional housing portfolios. Comparable in student housing and multifamily ownership/management, though with national rather than Twin-Cities-only exposure.
Direct peers
- Dominium: Dominium is one of the largest affordable housing developers/managers in the U.S., founded in Minneapolis, with a heavy Twin Cities presence. Directly competes with Lupe for LIHTC-funded affordable multifamily developments and works with the same municipal funding partners (Hennepin County, Minnesota Housing).
- Aeon: Aeon is a Minneapolis-based nonprofit developer and operator of affordable housing, owning and managing thousands of units in the Twin Cities. Directly comparable in geography, affordable housing focus, and reliance on government funding partners.
- McCormack Baron Salazar: McCormack Baron Salazar is a national developer focused on urban, mixed-income, and affordable housing in urban core markets. Comparable in mission-driven urban revitalization, mixed-income campuses, and public-private financing structures.
- Sherman Associates: Sherman Associates is a long-standing Twin Cities real estate developer specializing in affordable housing, mixed-use, and historic preservation. Comparable in urban core focus, multifamily product, and adaptive reuse approach.
- The NRP Group: The NRP Group is a national multifamily developer with significant affordable and workforce housing presence in the Midwest, including Minnesota. Comparable in affordable housing product, LIHTC reliance, and project scale.
- CommonBond Communities: CommonBond Communities is a Twin Cities-based nonprofit affordable housing provider serving families, veterans, and seniors. Directly comparable in affordable housing focus, geographic market, and reliance on LIHTC and public funding.
- Wall Companies: Wall Companies is Lupe Development's primary joint venture partner, with nearly 60 years of Twin Cities development experience and a portfolio of hundreds of residential units plus 2+ million sq ft of retail, office, and industrial property. Directly comparable in size, geography, and product mix (multifamily, mixed-use, commercial).
Regional players
- Beacon Interfaith Leasing Collaborative: Beacon Interfaith is a Twin Cities-based nonprofit providing supportive and affordable housing with services. Comparable in geography and affordable housing mission, with a more services-intensive operating model.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Lupe Development Partners financial estimates
Financial estimateRevenue estimate
Valuation estimate
Lupe Development Partners leadership team
Management profileNumber of profiles
Profiles7 records
Lupe Development Partners funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Lupe Development Partners M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Lupe Development Partners
What does Lupe Development Partners do?
Lupe Development Partners plans, designs, develops, owns, and manages residential and mixed-use real estate development projects in the Twin Cities urban core and surrounding communities. The company's portfolio spans affordable housing, market-rate apartments, senior housing (55+), student housing, condominiums, and commercial properties delivered through new construction and adaptive reuse. Since 1989, Lupe has developed over 1,200 apartment/condominium units and more than 1 million square feet of retail, residential, and industrial property, generating revenue primarily through recurring rental income and development fees.
Is Lupe Development Partners a public or private company?
Lupe Development Partners is a private company. It is classified as family owned and is currently operating.
When was Lupe Development Partners founded?
Lupe Development Partners was founded in 1989. It employs 11 to 50 people.
Where is Lupe Development Partners based?
Lupe Development Partners is headquartered in Minneapolis, United States, in the North America region.
How does Lupe Development Partners make money?
Three revenue lines are on record. Property Rental Income is the primary driver. The others are real Estate Development Fees and property Sales.
Who are Lupe Development Partners's main competitors?
Emerging players on record are Ecumen and Cardinal Group Companies. Direct peers are Dominium, Aeon, McCormack Baron Salazar, Sherman Associates, The NRP Group, CommonBond Communities and Wall Companies. Beacon Interfaith Leasing Collaborative is listed as a regional player.
Does Lupe Development Partners have an API?
No public API is recorded for Lupe Development Partners.
What industry is Lupe Development Partners in?
Lupe Development Partners's product category is Real Estate Development. Its primary akta.pro industry code is BPAJAFAA, Multifamily Apartment Property Management, with a secondary code of HLADAAAG, Independent Living Real Estate Owners/Operators (REITs & Management Companies). Its NAICS code is 531311 and its SIC code is 6513.