Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Standard Communities Acquires 50-Unit Affordable Housing Property in MN
Standard Communities acquired Jefferson Square, a 50-unit townhome community in Northfield, Minnesota, in an $8 million transaction.
Located at 1356 Jefferson Road, Jefferson Square spans 5.2 acres and includes nine residential buildings, three parking structures, and an administrative building. Originally redeveloped in 2010, Jefferson Square offers spacious two-, three-, and four-bedroom townhomes averaging 1,130 square feet.
“Jefferson Square is a rare asset with family-sized units, stable operations, and strong community demand, making it a significant long-term preservation opportunity,” said Scott Alter, Co-Founder and Principal of Standard Communities.
The property’s units feature private entries, in-unit laundry, walk-out patios, private garages, and a community clubhouse. The property has maintained 98% average occupancy over the past five years, with current occupancy at 100%.
“Preserving affordability in markets like Northfield is essential, particularly where family-sized rental homes are scarce,” added Jessica Mackenzie, Senior Managing Director, Head of Acquisitions and Redevelopment at Standard Communities.
