Park Villas Apartments
490 3rd Street South, Waite Park, MN, 56387, US
95 units
Jones Lang LaSalle (JLL) exclusively presents Bottineau Commons and Lofts, a mission-driven 156-home tax credit investment opportunity located in the thriving Northeast Minneapolis neighborhood.
This exceptional offering features a low-risk tenant profile with voucher residents and 9 project-based HAP units that were approved for 7.65% rent increases in December 2024, providing stable income for investors. The property boasts exceptional tenant demand, evidenced by its near-perfect occupancy rate with only a single unit currently vacant or unleased. In addition, the offering includes an attractive assumable HUD loan with above-market leverage and an appealing interest rate, contributing to the property's yield potential. Bottineau Commons and Lofts is eligible for the Minneapolis 4d class rate reduction, resulting in immediate cash flow as local taxes will decrease by 66% on qualifying units starting in 2025. The property represents a unique opportunity to acquire a socially impactful asset in a thriving submarket with superior tenant demand and property-level performance.
Northeast Minneapolis has become one of the city's most desirable neighborhoods. Known for its thriving arts community, diverse culinary scene, and historic charm, NE offers a perfect blend of urban amenities and neighborhood feel. The area boasts numerous parks, including the Mississippi Riverfront, award-winning breweries, and a growing number of trendy restaurants and shops. Its proximity to downtown Minneapolis, coupled with excellent public transportation options, makes it an ideal location for both residents and investors.
Bottineau Commons and Lofts stands as an attractive mission-driven investment opportunity with stable returns and the potential for long-term appreciation. JLL is seeking qualified offers with an expected closing date in the first half of 2025.
Attractive Tax Credit Investment Opportunity with Project-Based HAP Units