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|Number of units||366|
Jones Lang LaSalle (JLL) is pleased to present Autumn Ridge, a 366-home affordable housing community located just 12 miles outside of Downtown Minneapolis in the quiet, family-friendly city of Brooklyn Park. Located in the Twin Cities northwest suburban submarket, Autumn Ridge residents enjoy immediate access to area employers, including: Medtronic, Boston Scientific, Polaris, and Target via Interstate 694 and Highway 169, both major thoroughfares. Home to almost 50 miles of trails and 67 parks, this 2nd-tier suburb is often referred to as “Tree City USA” for its ample green space and healthy lifestyle. In addition, “Minneapolis Northwest” as its often referred offers top area attractions – Top Golf, Edinburgh USA, Arbor Lakes & not to mention the Mississippi River. These excellent employment drivers coupled with a recent push to suburban living due to the COVID-19 pandemic, have helped Autumn Ridge to achieve vacancy rates much lower than the national average and thrive in the current environment.
Autumn Ridge participates in the Low Income Housing Tax Credit Program and is in year 11 of its 30 year compliance period. At 366-homes, the project is one of the areas largest affordable housing projects and is in a great position for a re-syndication to preserve the affordability. A new owner will have the opportunity within the next few years to renovate the community and capture market rents which are significantly higher than current leasing trends. Meanwhile the asset is being offered on a free-and-clear basis and will allow for a buyer to lock-in rates at sub-3 percent financing.
Autumn Ridge includes 366 residential homes ranging from studios to three bedroom apartments. The property is 96.5% occupied with a recent 4.7 million dollar rehab completed in 2018, which includes a new roof membrane replacement, tuck-pointing, and many in-unit and common area upgrades.