April 6, 2020
NAI Legacy recently closed on Birdtown Flats, a new luxury apartment building in Robbinsdale, MN, for a reported $42.75 million as part of its Opportunity Zone investment strategy. Considered to be among the first completed ground-up developments located in a Minnesota Opportunity Zone, Birdtown Flats opened for initial occupancy in February.
Since launching its OZ Program, NAI Legacy has completed four Opportunity Zone investments totaling approximately $50 million. On Birdtown Flats, the firm partnered with Minneapolis-based The Beard Group as the developer, Steven Scott Management for day-to-day property management, and CliftonLarsonAllen Wealth Advisors for assistance in capital raising efforts.
“The property has exceeded expectations and we anticipate getting to stabilization later this year,” said Michael Klisanich, managing director for NAI Legacy.
He added that even amid the growing COVID-10 pandemic, “we continue to see interest from potential tenants and we’re working with our leasing team to provide virtual tours.”
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Tags: Acquisition, Apartments & Multifamily, Opportunity Zones
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