Home ยป Chroma
(70 Units) – Minneapolis, MN
| Acquired: | November 2018 |
| Project Capitalization (LTV): | $15,400,000 (68%) |
RSRC purchased this 70-unit apartment community in the Whittier neighborhood of Minneapolis at the end of 2018. The 70 residential units average 773 square feet, and in addition to the apartments the community has two commercial spaces and 44 parking spaces (24 garage, 20 surface). RSRC was able to secure the deal off-market as it was aware the owner was selling off its portfolio. Despite its recent construction, RSRC believes Chroma is a value-add investment, as previous ownership was not focused on property operations or tenant retention. There was a significant mark-to-market opportunity as rents were approximately 10% below market at closing.
- Minneapolis / St Paul