Colliers Facilitates $11M Sale of Twin Cities Affordable Housing Property
Colliers completed the sale of Albertville Meadows, a 75-unit affordable housing community located at 10732 County Road 37 NE in Albertville, Minnesota.
The sale was led by the Colliers team of Executive Vice Presidents Mox Gunderson, Dan Linnell, and Adam Haydon, as well as Associate Vice President Devon Dvorak, who represented the seller, Dominium.
“Following the broader growth of Albertville, new ownership is stepping into a great opportunity to expand on Dominium’s extensive capital improvements over the years,” commented Gunderson. “Minnesota’s newly introduced affordable class rate has made it more feasible to create and preserve affordable housing projects like Albertville Meadows.”
Built in 1993, along I-94 in the rapidly expanding northwest submarket of the Twin Cities, the asset also benefits from Minnesota’s new 4d(1) property tax classification, effective 2025, which implemented a major tax reduction for affordable housing properties.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout