Schafer Richardson closed on the acquisition and construction financing for Croft at Rosecott, a 164-unit affordable housing community at the intersection of Akron Avenue and Connemara Trail in Rosemount, Minnesota.
Croft will consist of four stories of housing with one level of underground parking, and will provide a mixture of one-, two- and three-bedroom housing units.
Of the 164 units, 25 will be set aside for households at or below 50% of the Area Median Income, with the remaining units eligible for households earning no more than 60% of AMI.
Amenities include a club room, multi-purpose assembly space, work from home space, fitness center, kids zone and teen lounge as well as automated package delivery and dedicated bike storage. The courtyard will feature a patio with grill stations, a playground and multisport court.
Croft was designed by UrbanWorks Architecture and will be constructed by Bauer Design Build. Funding for the project was provided by Colliers Securities, Huntington Community Development Corporation, the Dakota County Community Development Agency and Greater Minnesota Housing Fund. SR Management Services will serve as the property manager.
Croft represents the 7th affordable housing project undertaken by Schafer Richardson within the Twin Cities. The development team is grateful for the support of its project partners and looks forward to providing unique and affordable housing options within the Rosemount community.
Construction will begin in January 2024 and will be available to tenants in the Summer of 2025.
