CommonBond is now the proud owner of the Boulder Ridge complex in Apple Valley, MN. With this purchase, we preserved affordable rents for the 112 families and individuals living in this townhome and apartment community. This is also a significant acquisition for CommonBond as Boulder Ridge is the first property where we are partnering with socially-minded investors to preserve affordability in housing without new government subsidies.
This is one example of CommonBond’s drive to respond creatively to needs in our communities – this time with a focus on naturally occurring affordable housing (often referred to as NOAH).
With the help of Enterprise Community Loan Partners and The Pohlad Family Foundation, we purchased Boulder Ridge with the intent to make necessary improvements and keep rents affordable for those already living there.
These acquisitions are especially critical as investors – local and nationwide – are rapidly buying modest properties in the region, adding luxury amenities, and substantially raising rents. This kind of acquisition is an important complement to our work using government subsidy programs, which we will always pursue to the maximum extent available.
In the months ahead, we will work with mission-driven investors to replace and recycle these initial funds. Learn more about this effort HERE.
You can also join us for an event on December 11. The Minnesota Real Estate Journal is hosting a session on affordable housing, with a specific focus on NOAH, from 8 am – noon at Golden Valley Country Club. CommonBond is co-hosting this effort.
Contact us at email@example.com for event details.