Investment Overview

Marcus & Millichap is pleased to present for sale Cedarview Commons, a professionally managed, 12-building LIHTC multifamily community located in the thriving, high-demand suburb of North Saint Paul. In addition to the residential buildings, the property includes an on-site leasing office and two garage structures. Originally placed in service in 2002 under the Low-Income Housing Tax Credit (LIHTC) program, the property remains in its extended use period through 2032. Cedarview Commons features extensive community amenities, including a clubhouse, business center, community garden, two shared kitchen and dining areas, swimming pool, playground, and picnic area with grills, fostering a strong sense of community and resident satisfaction. Apartment units offer spacious layouts with walk-in closets, oversized walk-in pantries, eat-in kitchens, air conditioning, and individual heating. The property also includes 15 units reserved for long-term homeless residents, supported by Lutheran Social Services. Strategically positioned near major employers throughout the Minneapolis - St. Paul metro, the property benefits from strong workforce housing demand. The Twin Cities is home to 17 Fortune 500 company headquarters, including UnitedHealth Group, Target, Best Buy, 3M, U.S. Bancorp, Ecolab, General Mills, and Ameriprise Financial, ensuring a diverse and stable employment base that supports multifamily fundamentals in the area. Conveniently located near Cub Foods, Home Depot, and the all-new Hy-Vee, Cedarview Commons is also adjacent to the North Saint Paul Urban Ecology Center, providing residents with direct access to open green space and walking trails. With over $800,000 in recent capital improvements, assumable MHFA debt at a below-market interest rate of 4.15%, and no exposure to St. Paul rent control restrictions, Cedarview Commons offers investors a rare opportunity to acquire a well-located, mission-driven affordable housing asset with long-term upside potential and a cost basis significantly below replacement cost.