Real Estate Equities has opened a 168-unit affordable housing community in Coon Rapids, Minnesota.
Spring House Apartments features one-, two-, and three-bedroom units that are affordable to residents earning up to 60% of the area median income. The new community is close to retail, employers, major highways, and recreational opportunities.
“The Spring House development is occurring at an ideal time,” said Patrick Ostrom, Real Estate Equities’ managing development partner. “It’s an attractive property with an exceptional location and impressive amenities that will serve the needs of families in need of affordable housing in Coon Rapids. The demand for this type of housing has been exceptional.”
The development was designed by Kaas Wilson Architects and was constructed by general contractor Big-D Construction.
The homes have high-quality interior finishes such as granite countertops, stainless steel appliances, in-unit washers and dryers, and vinyl-plank flooring. The development also includes a two-story lobby and lounge, a clubroom with a kitchen, an outdoor patio with a grill and fire pit, a fitness center, and two outdoor rooftop decks with grilling stations.
To finance the approximately $43 million project, Real Estate Equities partnered with Citi Community Capital, WNC, Bridgewater Bank, and the city of Coon Rapids.The firm specializes in multifamily apartment management and development, with a portfolio of over 3,000 units throughout Indiana, Minnesota, and Wisconsin.
