Village Creek Apartments
Executive Summary
Property Overview
Village Creek Apartments is an 83 - unit mixed income planned apartment development located on a 1.71 acre parcel in Brooklyn Park, MN. The unit mix will be 39 one bedroom units, 27 two bedroom units, and 17 three bedroom units. The property will include 17 units restricted to 50% AMI.
Village Creek will also contain approximately 10,000 square feet of commercial space. The commercial space will include an office space for Building Blocks, a restaurant, commercial kitchen, shared co - working space, and a hair salon or similar commercial u se. The total development cost does not include the build out for the commercial kitchen space, and the estimated cost is between $450,000 and $500,000.
Community amenities will include a community room, exercise room, business center, rooftop patio, coffee bar, guest suite, and car wash station. Outdoor amenities will include a tot - lot playground, picnic area, grills and fireplace, outdoor pool and hot tu b, outdoor sauna, and a dog park.
Property Facts
| Property Name | Village Creek Apartments |
|---|---|
|
General Location |
SE of Hwy 610 & Hwy 169 Intersection |
|
Property Type |
Affordable & Market Rate Apartments |
|
Unit Mix |
39 One Bedroom 27 Two Bedroom 17 Three Bedroom |
|
Commercial Space |
10,000 Square Feet |
|
Parking Spaces |
34 Underground Spaces 52 Surface Spaces |
|
Year Built |
To-Be-Built |
Property Facts
| Property Name | Village Creek Apartments |
|---|---|
|
General Location |
SE of Hwy 610 & Hwy 169 Intersection |
|
Property Type |
Affordable & Market Rate Apartments |
|
Unit Mix |
39 One Bedroom 27 Two Bedroom 17 Three Bedroom |
|
Commercial Space |
10,000 Square Feet |
|
Parking Spaces |
34 Underground Spaces 52 Surface Spaces |
|
Year Built |
To-Be-Built |
Investment Summary
| Investment Type | Equity |
|---|---|
|
Pre – Development Equity Required |
$3,500,000 |
|
Time to Return Investment |
24
–
36
Months |
|
Primary Benefit |
Tax Exempt Returns |
Profit Projections
| Profit Returns @ 5 Years | 2.0-3.0X |
|---|---|
|
Profit Returns @ 10 Years |
4.0 – 5.0 X |
|
Primary Sources |
Construction to Permanent Loan Developer Fee Residential Rent Commercial Rent TIF Run & Tax Credit(s) Refinance or Sale of Property |
Investment Summary
| Investment Type | Equity |
|---|---|
|
Pre – Development Equity Required |
$3,500,000 |
|
Time to Return Investment |
24
–
36
Months |
|
Primary Benefit |
Tax Exempt Returns |
Profit Projections
| Profit Returns @ 5 Years | 2.0-3.0X |
|---|---|
|
Profit Returns @ 10 Years |
4.0 – 5.0 X |
|
Primary Sources |
Construction to Permanent Loan Developer Fee Residential Rent Commercial Rent TIF Run & Tax Credit(s) Refinance or Sale of Property |
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