Minneapolis-based NAI Legacy has closed on Birdtown Flats, a new luxury apartment building in Robbinsdale, Minnesota. The deal is part of NAI Legacy’s Opportunity Zone investment strategy.
NAI Legacy’s Opportunity Zone program offers institutional-quality investments along with Opportunity Zone tax benefits. Since launching its Opportunity Zone program, NAI has completed four Opportunity Zone investments totaling about $50 million.
The Birdtown Flats apartment complex opened for initial occupancy in February of 2020. Located just blocks from downtown Robbinsdale, the 152-unit, Class-A building offers studio, one-bedroom and two-bedroom units. Amenities include a rooftop deck, fitness center, business center, common area/lounge, underground heated parking, dog walk and bike-storage area.
NAI Legacy partnered with Minneapolis-based The Beard Group, the project’s developer; Minneapolis’ Steven Scott Management for daily property management of the building; and Minneapolis-based CliftonLarsonAllen Wealth Advisors, which assisted in raising capital.
The single-asset Opportunity Zone fund offering was well-received by investors, ultimately being over-subscribed by several million dollars in 2019. Garnering national interest, NAI Legacy accepted subscriptions from a number of investors across four staets, including significant investments by several existing Opportunity Zone funds.
“We were pleased to get the support of other national OZ funds, support that speaks to the quality of this Birdtown investment,” said Duane Lund, chief executive officer of NAI Legacy.
