Birdtown Flats, Robbinsdale, MN Birdtown Flats, Robbinsdale, MN

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ROBBINSDALE, MN—NAI Legacy of Minneapolis reports it has closedon the acquisition of the recently completed Birdtown Flats luxurymultifamily property here as part of its Opportunity Zoneinvestment strategy.

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The 152-unit Birdtown Flats apartment project opened in February2020 and is located in a Minneapolis Opportunity Zone. Althoughspecific financial details of the transaction were not disclosed,NAI Legacy states that it has now completed four Opportunity Zoneinvestments totaling approximately $50 million since launching itsOZ program.

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The pet-friendly Birdtown Flats offers studio units,one-bedroom, and two-bedroom units and features such amenities as arooftop deck, fitness center, business center, common area/lounge,underground heated parking, bike storage area, and dog walk.

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"The property has exceeded expectations and we anticipategetting to stabilization later this year," says Michael Klisanich,managing director for NAI Legacy.

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NAI Legacy partnered with Minneapolis-based The Beard Group asthe developer, Minneapolis-based Steven Scott Management forday-to-day property management of the building andMinneapolis-based CliftonLarsonAllen Wealth Advisors who assistedin capital raising efforts.

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This single-asset Opportunity Zone Fund offering was wellreceived by investors and was ultimately over-subscribed by severalmillion dollars in 2019. Garnering national interest, NAI Legacyreports it accepted subscriptions from a number of investors acrossfour states, including significant investments by several existingOpportunity Zone funds.

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"We were pleased to get the support of other national OZ Funds,support that speaks to the quality of this Birdtown investment,"says Duane Lund, CEO of NAI Legacy.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.