Investment Overview

Marcus & Millichap, as the exclusive listing broker, is pleased to present Whittier Place Townhomes, a 32-unit Low Income Housing Tax Credit Townhome Community located in Austin, Minnesota. This property is being offered for sale on a free-and-clear basis or with the option to assume existing debt upon approval. Austin, Minnesota, located in Mower County in the southeastern part of the state. With a population of around 25,000, it serves as a regional hub for commerce, education, and healthcare in the area. One of the city’s most notable features is its strong agricultural and industrial base, particularly as the headquarters of Hormel Foods Corporation, best known for producing SPAM. This connection to Hormel has deeply influenced the city’s identity, leading to the creation of the SPAM Museum, a popular tourist attraction that celebrates the brand’s history and quirky global fame. In addition to its industrial roots, Austin is known for its strong sense of community and commitment to the arts, education, and sustainability. The city is home to the Jay C. Hormel Nature Center, a 500-acre preserve that offers hiking, environmental education, and wildlife observation. Austin has also made strides in becoming a more environmentally friendly city, with initiatives aimed at clean energy and water conservation. Its public schools and Riverland Community College contribute to a culture of lifelong learning, while events like the Freedom Fest and the Austin ArtWorks Festival bring residents together in celebration of local talent and heritage. Constructed in 2000, Whittier Place features a mix of large two- and three-bedroom townhome units. The units themselves feature open floorplans with dishwashers, in-unit washer/ dryer, and attached garages. The Land Use Restriction Agreement was placed in service in 2000 and applies to 24 of the 32 units. The property offers an investor the opportunity to acquire a well maintained, stabilized property currently operating at 100% occupancy. Once the Extended Use Phase has lifted, the owner has the option of resyndication or taking the property to market rate.