MAPLEWOOD, MN - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, is pleased to announce the sale of Maplewood Townhomes, a Section 42 Low Income Housing Tax Credit Community in Maplewood, MN, a northern suburb of St. Paul, MN.
ARA Affordable Housing Principal, Cliff McDaniel and Broker, Derek DeHay represented the seller, Shelter Corporation, a Minnetonka, MN-based multi-family housing developer, owner and operator.
“Maplewood Townhomes presented a terrific opportunity for a buyer to acquire a stabilized affordable housing community in a strong submarket,” said DeHay.
The buyer, Everwood Development, specializes in the preservation of affordable housing and creating projects that work for both the community and their investors. Everwood saw an opportunity to own a quality affordable housing property within blocks of national credit retailers and restaurants including Maplewood Mall.”
Maplewood Townhomes was constructed in 1996 under the Section 42 Low Income Housing Tax Credit program. The property provides affordable housing to residents with incomes at or below 60% of the Area Median Income.
Historical occupancy at the property has consistently remained very high with a waiting list of qualified applicants. The 31-unit townhome community offers attached garages and some of the largest units in the submarket.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; or directly with the ARA Affordable Housing team Cliff McDaniel at mcdaniel@ARAusa.com, 713.425.5404 or Derek DeHay at ddehay@ARAusa.com, 512.637.1222
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in average annual production volume of $5.4 billion in real estate transactions since 2004. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com