On July 29, CommonBond purchased Boulder Ridge – thereby preserving affordable rents for the 112 families and individuals living in this townhome and apartment community in Apple Valley, Minnesota. Boulder Ridge is the first property where we’re partnering with socially-minded investors to preserve affordability in housing without new government subsidies. 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.
The purchase of Boulder Ridge is the first of many in CommonBond’s deliberate effort to counter the loss of affordable housing options. 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.
Under CommonBond ownership and management, Boulder Ridge will remain affordable for individuals and families with moderate incomes. These incomes correspond to those of hard-working childcare providers, maintenance technicians, teachers, and retail workers, as well as recent college graduates. The location of Boulder Ridge in a vibrant suburb presents opportunity and access for all. It’s in a quality school district, has plenty of nearby green space and parks, and offers excellent access to public transportation and highways – allowing for better access to jobs.
With the scarcity of affordable housing in our communities, preserving what exists – both physically and financially – is vital to achieving CommonBond’s vision of creating dignified homes that support independence and success for all. Learn more about our new business model through this Star Tribune article, or obtain details about investing in this work by contacting Ann Ruff, Executive Vice President of Resource Development, at 651-290-6234.