Schafer Richardson Closes on its 7th Affordable Housing Development in the Twin Cities
Posted Under: News
We are pleased to announce the successful closing of the acquisition and construction financing for Croft at Rosecott (“Croft”), a new 164-unit affordable housing community at the intersection of Akron Avenue & Connemara Trail in Rosemount, MN.
Croft will consist of four stories of housing with one level of underground parking, and will provide a mixture of one, two and three-bedroom housing units. Of the 164 units, 25 will be set aside for households at or below 50% of the Area Median Income (AMI) with the remaining units eligible for households earning no more than 60% of AMI. Amenities include a club room, multi-purpose assembly space, work from home space, fitness center, kids’ zone, and teen lounge as well as automated package delivery and dedicated bike storage. The courtyard will feature a patio with grill stations, a playground and multisport court.
Croft was designed by UrbanWorks Architecture and will be constructed by Bauer Design Build. Funding for the project is provided by Colliers Securities, U.S. Bank Trust Company, the City of Columbus, Huntington Community Development Corporation, the Dakota County Community Development Agency, and Greater Minnesota Housing Fund. SR Management Services will serve as the property manager.
This represents the 7th affordable housing project undertaken by SR within the Twin Cities. “We are thrilled to close Croft at Rosecott and are excited to break ground in early 2024 and deliver 164-units of affordable housing to Rosemount in 2025. This project would not be possible without our partnership with the Dakota County CDA, and we appreciate their support and guidance throughout the process,” commented Katie Anthony, VP of Development at Schafer Richardson. Construction will begin in January 2024 with the first move-ins anticipated for the Summer of 2025.