The Lyn-Lake community of Minneapolis is celebrating the grand opening of Lakefield Apartments, a new affordable, family-oriented housing development now open to residents.
Lakefield Apartments adds 110 units of affordable family housing to this Minneapolis neighborhood at a variety of price points, designed to meet the demands of a transit-oriented community.
Lakefield Apartments represents a unique collaboration between Lupe Development Partners and the City of Minneapolis to address affordable housing needs in the city. The project was originally planned as a 95-unit building before the developer acquired an additional parcel and expanded the building to 110 family-sized units, including more three and four-bedroom units suitable for families with children and intergenerational living.
As of September, the Lakefield is currently 70% leased. This development concludes the third phase of Lupe Development Partners’ mixed-income campus on Lake Street near the Lyndale Avenue intersection, which also includes Lago and Lake Street Dwelling. In total, this campus has added 353 units of affordable and market-rate housing along Lake Street in the past five years.
The $41 million affordable housing project was made possible through collaboration with the City of Minneapolis, Multifamily Housing Revenue Bonds, Hennepin County, Minnesota Department of Employment and Economic Development, and housing tax credit equity. The project was built by Frana Companies.
