4-story, 182-unit, deeply sustainable multifamily community on 3.5 acres in New Hope, MN, adjacent to the New Hope Municipal Golf Course. Alatus was awarded a $6.5M TIF package from the City to reimburse for subsurface foundation costs and enhance the design/finish of the building. The project achieved the highest rents in the submarket by a wide margin and delivered much needed NOAH supply to the area. Ironwood opened in January of 2019 and was fully stabilized at 95% occupancy in under 12 months. The project exceeded the underwritten rents by approximately 12%, reporting an average monthly rent over$1,600 when sold.
- Total Development Cost: $43.7M
- Completion Date: June 2017
- Disposition: March 2022