Receives Minneapolis City Council approval to build on Northrop site; begins construction on second Roseville site
MINNEAPOLIS, MN – December 22, 2010 – (RealEstateRama) — United Properties’ Applewood Pointe is ending 2010 with two events of note: it received Minneapolis City Council final approval Dec. 20 for a 106-unit senior cooperative on the site of the former Northrop Elementary School in Minneapolis, and it broke ground Dec. 15 on 48-unit Applewood Pointe Roseville at Langton Lake in Roseville, Minn.
Developed by United Properties, Applewood Pointe is a network of senior cooperative communities that offer maintenance-free living for active adults. With the addition of the Minneapolis and Roseville sites, United Properties’ Applewood Pointe will have eight metro locations, making it a leading developer of senior cooperative housing in the area.
The Northrop site, 1611 East 46th Street, is located close to Lake Nokomis, Minnehaha Creek and Hiawatha Golf Course. It will be the first Applewood Pointe in the city of Minneapolis. Construction is expected to begin summer 2011.
“We have more than 60 reservations from potential residents, which indicates strong interest in the project, the first new independent senior housing development in the city in many years,” said Brian Carey, United Properties senior vice president, development.
“We’re excited to have the opportunity to redevelop this school site in the Lake Nokomis area, and are pleased to see such strong interest from seniors across the metro, as well as neighborhood residents,” Carey said. Some of the reservation holders are alumni of Northrop School and/or parents of former Northrop students. (And, in the case of reservation holder Ronald Peterson, three generations of his family have attended Northrop: his mother, himself and his children.)
Applewood Pointe of Roseville at Langton Lake, 3010 Cleveland Avenue North, will be the second Applewood Pointe in Roseville and the seventh in the metro area. Thirty-two of the 48 units have already been sold; opening is expected in August 2011. Many of the owners are long-term Roseville residents who want to stay in the community.
“We built our first senior coop in Roseville in 2004 to rave reviews, so we are delighted to be able to provide the same kind of senior housing in a prime Roseville location adjacent to Langton Lake,” said Carey.
Each Applewood Pointe community operates as an independent nonprofit organization with resident owners at the helm of decision-making. Residents are shareholders in the cooperative that owns the property and enjoy the tax benefits of deducting real estate taxes and any mortgage interest applicable to their home. Cooperative living also is made affordable by the economies of scale, making monthly utilities and maintenance costs significantly less expensive than those for single-family homes.
HUD’s guaranty for the master mortgage at each Applewood Pointe cooperative provides comfort to the residents as well as a low interest rate that results in a greater degree of affordability for the residents. The cooperative typically offers a fixed 2.5% increase in value every year, keeping units affordable for future buyers. Units at established communities tend to resell quickly because nearly all Applewood Pointe communities have a wait list of interested potential residents.
For more information, visit http://www.applewoodpointe.com.
About United Properties
United Properties, based in Minneapolis, Minn., specializes in commercial real estate development and investment. Since 1975, United Properties has provided development services for the retail, residential, office, medical and industrial sectors. In addition to a large presence in the Minneapolis-St. Paul market, United Properties’ Colorado division develops retail properties, as well as office and flex office buildings, through the recent acquisition of Ojala and Company. Formed in 1916, the United Properties investments group acquires, operates, repositions and disposes of the company’s real estate investments, which includes nearly 60 office, industrial and retail assets in Minnesota, Wisconsin and Colorado.
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