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PROPERTY OVERVIEW
Tralee Terrace Apartments is a 68-unit affordable housing community situated in Coon Rapids, MN. The property boasts a convenient location, offering residents effortless access to prominent retailers including T.J. Maxx, Target, and a Walmart Supercenter. Residents are also within close proximity to a diverse selection of restaurants, outdoor recreational areas, schools, and major transportation routes which provide an easy commute into downtown Minneapolis, located approximately 15 miles south.
The property was built in 1993 and rehabbed and placed in service in 2010 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There are existing regulatory agreements in place which require all units to be rented to income qualifying residents earning no more than 60% of the Area Median Income (AMI) limits, which are provided by Minnesota Housing.
Tralee Terrace Apartments offers a selection of one, two, and three bedroom apartments along with a single studio unit, thoughtfully designed to provide comfort and convenience. Each unit includes an open floorplan, a patio/balcony, and has been newly renovated with a stainless steel appliance package, modern flooring & light fixtures, new faucets, and an updated color scheme. The community boasts a range of amenities, including 24-hour maintenance, community room with kitchen, playground, basketball court, secure community access, and the property is located near the light rail station.
Tralee Terrace is centrally located minutes from major transportation arteries providing quick and easy access to shopping, employment, outdoor recreation, and is only 14 miles north of Minneapolis
The Coon Rapids submarket has experienced strong, consistent rent growth with a 16% increase in rental rates over the last 36 months while maintaining an occupancy rate above 96%, per Yardi
Well-performing LIHTC Property with a current occupancy rate above 97% and rental upside potential with the current rents below the max net allowable rents
14 Fortune 500 companies are headquartered in the Minneapolis - St. Paul MSA including, UnitedHealth Group, Target, CHS, Best Buy, and US Bancorp all being in the top 150
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
800 W. Main St.
Suite 1410
Boise, ID 83702
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Jeff Irish
Senior Managing Director
Affordable Housing
208.286.5013
jeff.irish@berkadia.com
ID License # DB36794
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ADAM TOMBERG
Director
Affordable Housing
425.999.1152
adam.tomberg@berkadia.com
WA License # 22019732
Senior Managing Director
Multifamily
312.407.6711
pete.evans@berkadia.com
MN License # 40475251
Pete Evans
125 S. Wacker Dr.
Suite 400
Chicago, IL 60606
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MORTGAGE BANKING
Senior Managing Director
504.458.1626
tim.leonhard@berkadia.com
Tim Leonhard
Managing Director
504.722.1999
chris.crump@berkadia.com
Chris Crump
PROPERTY Stats
68
UNITS
1993/2010
Built/Reno
61,395
sF
9900 Redwood St. NW - Coon Rapids, MN 55433
Director
Multifamily
312.845.3098
molly.podratz@berkadia.com
MN License # 40836926
Molly Podratz