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Standard Communities Makes Second Minnesota Housing Investment
Standard Communities, a national multifamily housing investor and developer, has made its second investment in Minnesota in a month, acquiring a 100% affordable community in Duluth.
Standard led a public-private partnership in acquiring the 152-unit Lenox Place Apartments at 701 W. Superior Street in Duluth. Built in 1980, Lenox Place has 143 one-bedroom units and nine two-bedroom units for seniors and individuals with disabilities. The transaction is capitalized at $37.14 million.
Funding for the Lenox Place Apartments transaction included Low Income Housing Tax Credits secured through the Minnesota Housing Finance Agency and the Housing Redevelopment Authority of Duluth issued tax exempt bonds. Huntington Bank provided the Tax Credit equity. Standard will significantly renovate the 14-story property at a cost of approximately $12 million.
Standard recently made its first investment in Minnesota, acquiring Rivertown Commons, a 96-unit 100% affordable senior community in Stillwater, in a transaction capitalized at $27.7 million.
