Real Estate Equities has announced closing on two multifamily communities in Minnesota.
Arbor House in St. Louis Park will be a 114-unit affordable workforce housing development with one-, two-, and three-bedroom apartment homes, with five units restricted to households earning up to 30% of the area median income (AMI), five units at 50% of the AMI, and the remaining at 60% of the AMI.
“It’s a truly unique property in the St. Louis Park neighborhood with the level of amenities and finishes you would find in new market-rate construction. The location and quality of this project makes for a truly special affordable living opportunity,” said Patrick Ostrom, Real Estate Equities’ managing development partner.
Financing for the $37.6 million project includes 4% low-income housing tax credits (LIHTCs) and tax-exempt bonds. Partners include U.S. Bancorp Community Development Corp., Cedar Rapids Bank & Trust, Bridgewater Bank, and the city of St. Louis Park.
The project was designed by Kaas Wilson Architects and is being constructed by Big-D Construction.
Amenities include a community room, a fitness center, a dog run, and a bocce court.
Real Estate Equities also announced closing on The Fern, a 114-unit affordable housing development for seniors 55 and older in Lauderdale. The one- and two-bedroom units will be reserved for households at 30%, 50%, and 60% of the AMI.
Amenities include a community room and a fitness center.
“This property will provide qualified seniors with a high-end affordable living opportunity that is very difficult to find,” Ostrom said.
Funding for the $32 million development includes 4% LIHTCs, tax-exempt bonds, and an American Rescue Plan Act loan. Funding partners include Stratford Capital, Colliers Securities, Bridgewater Bank, Ramsey County, and the city of Lauderdale.
The project was designed by Kaas Wilson Architects and is being constructed by Schoeppner.
Both projects are expected to break ground in August and be completed in September 2023.
Apartments at the developments will feature a modern exterior design with numerous amenity spaces as well as high-quality interior finishes such as granite countertops, stainless steel appliances, in-unit washers and dryers, and vinyl-plank flooring.
Real Estate Equities specializes in multifamily apartment development and management. They manage/own a portfolio of over 4,000 units throughout Indiana, Minnesota, and Wisconsin.