Schafer Richardson, Nergard Win Big at the 2021 Minnesota Real Estate Journal Awards
Posted Under: News
The Minnesota Real Estate Journal has named Schafer Richardson as the 2021 Developer of the Year – one of the event’s highest awards. Additionally, Jen Nergard, RPA, Director of Property Management and Leasing, was named Female Property Manager of the Year. The awards were presented during MNREJ’s event on July 29th at The Depot in Downtown Minneapolis.
Through the mayhem of the COVID-19 pandemic, 2020 was a successful year for Schafer Richardson and the second best in the company’s 25-year history. Jen Nergard led Schafer Richardson’s property management team through a challenging and unprecedented year that required significant communication with tenants, vendors, and staff, in addition to proactive strategies to keep businesses operational and safe. Jen’s team met and exceeded all COVID-19 compliance expectations and complexities through hard work and dedication to Schafer Richardson’s commercial assets and tenants.
The development team, consisting of Katie Anthony, Amanda Janzen, Dominik Jenson, and Claire VanderEyk, managed six multi-family, mixed-use, and adaptive reuse projects, including three affordable housing projects utilizing Low-Income Housing Tax Credits (LIHTC) and tax-exempt bonds; two projects located in Opportunity Zones (OZ) for which Schafer Richardson raised and will manage OZ funds on behalf of investors; three projects that drew new capital from outside of Minnesota; and the continued redevelopment of the Osborn370 Tower utilizing Historic Tax Credits.
Schafer Richardson opened a mixed-use property in Minneapolis in September (The Redwell) which reached full occupancy by the year end; leased 25,000-sf of office space in downtown St. Paul; closed on over $100M in new development including the first LIHTC/OZ project in Minnesota; and managed over $250M under development. In 2021, Schafer Richardson will deliver a LEED Gold certified Class A mixed-use building in the North Loop neighborhood of Minneapolis, play an essential role in bringing a new 25,000-sf public park to the North Loop, provide 375 new units of affordable housing to Minneapolis and St. Paul, and open the first market-rate multi-family project in the Seward neighborhood in over 50 years.
Throughout the past year, the Schafer Richardson team adapted swiftly in a multitude of ways to deal with the unique environment created by the pandemic. From ongoing development and construction to employee recruitment and engagement, Schafer Richardson met its business objectives while reinforcing the company’s commitment to health and safety and maintained a high level of expectations set at its properties and job sites. Congratulations to all nominees and winners!