1808 University Ave NE, Minneapolis, MN, 55418-4300, US

Bottineau Commons & Lofts

資產詳情

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.

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特性

單位數量

156

使用／出租率

98%

落成年份

2003

建築物面積 (建築面積)

13,681 平方米

土地面積

1.39 公頃

媒體

投資亮點

Attractive Tax Credit Investment Opportunity with Project-Based HAP Units

Mission driven investment opportunity in the trendy Northeast Minneapolis submarket steps from the Mississippi Riverfront
Twin Cities new 4d class rate reduction for properties below 60% AMI provides immediate upside in 2025 payable.
9 project-based section-8 units have been approved for 7.65% rent increases effective December 2024.
Opportunity to markup the MARIF units through paydown of the existing soft note at the end of the compliance period.
Shortage of affordable housing in Minneapolis coupled with the tenant-based units provide riskless investment opportunity given the steady rent payments from vouchers.
Attractive assumable HUD debt enables investors to buy asset with significant leverage at a below market interest rate creating attractive overall returns.
Currently Bottineau Commons and Lofts is in its extended use period allowing investors to execute a tax-credit resyndication funding strategic property improvements supporting additional rent growth potential.
Offering includes $65,000+ annual TIF revenue through the first five years of the investor’s hold period providing additional cash flow