Designed by UrbanWorks Architecture, a new $53 million apartment complex is now under construction in Richfield, Minn.
The project, which is being built by a partnership between Kraus-Anderson (general contractor) and Inland Development Partners, will comprise three new construction buildings and three renovated ones. The complex will provide 316 units in total. Of the 316 mixed-income units, 20% will be designated as affordable housing.
In addition to the new apartment units, the project will also extend Richfield Parkway through the complex south from 66th Street to 70th Street. The property was purchased from the City of Richfield and is being funded via the HUD 221(d)(4) program through the AFL-CIO Housing Investment trust and placed by Dougherty Mortgage of Minneapolis.
The first units are expected to be open in fall 2019.
Related Stories
| Apr 28, 2019
New York Is NOT Most Expensive City for Apartment Sales Transactions
Data from Marcus & Millichap 2019 U.S. Multifamily Investment Forecast on Average Price/Dwelling Unit in apartment transactions.
Multifamily Housing | Apr 27, 2019
5 noteworthy multifamily developments
Special-needs housing in West Hollywood, Calif., and a warehouse-turned-apartments in the Twin Cities are among the notable multifamily projects to open recently.
| Apr 26, 2019
Organized Living Offers ‘Century Gray’ Product Finish for Multifamily Storage Systems
Organized Living releases new color option for apartment and condominium storage systems.
Multifamily Housing | Apr 23, 2019
Recharging Edison’s batteries
America’s greatest inventor would have appreciated this project team’s ingenuity and persistence.
Multifamily Housing | Apr 17, 2019
Multifamily real estate trends for 2019 and beyond
Boomers are on the move and Millennials are seeing upward mobility, but issues with affordability and housing product mix persist.
Multifamily Housing | Apr 16, 2019
Multifamily rentals are still alive and kickin’
Apartments are being built, and in goodly number. But not enough of it is affordable.
Multifamily Housing | Apr 12, 2019
NYC officials partner with nonprofit to build modular affordable housing
Thorobird and BACDYS partner with Brooklyn’s FullStack Modular on project.
Multifamily Housing | Apr 11, 2019
St. Augustine Terrace brings affordable housing to the Bronx
Magnusson Architecture + Planning designed the building.
Multifamily Housing | Apr 8, 2019
Priced to sell: DUMBO condo development offers starter units in luxury setting
Designed by ODA New York, 98 Front Street will be loaded with amenities like a salt water pool, co-working spaces, and indoor and outdoor fitness centers.
Reconstruction & Renovation | Apr 5, 2019
Historic Corrigan Tower in Dallas becomes 1900 Pacific Residences
The 18-story Corrigan Tower in the Dallas’s historic downtown district is now a thriving 150-unit apartment residence community.
