Fulton Avenue Commons is located at 609 Huron Blvd. SE about one mile from the edge of the University of Minnesota campus in Minneapolis. Recent occupancy at the 164-unit, 480-bed luxury student apartment community is 93%, Evergreen says.

There are four four-story buildings containing furnished 16 one-bedroom units, 64 two-bedroom units and 84 four-bedroom units with full built-in appliances, including individual washers and dryers. Units range between 501 sf and 1,205 sf. The buildings were constructed in 2003 on 4.2 acres and have 200,703 sf of space. Amenities include an outdoor heated spa, a sheltered bicycle storage building, a fitness facility, a billiards/game room, an exterior fireplace with grill, a business center with seven workstations and a clubhouse.

"We find a tremendous demand for garden-style apartment communities," says Luke McCarthy, chief executive officer of Evergreen. He points out that "investors see value in the continued constant demand in the university environment" as well as in "the credit-worthiness in parental co-signing of 12-month leases and of working adult graduate students."