NAI Legacy Partnership Acquires New OZ Multifamily Project in Minnesota

ROBBINSDALE, MN—NAI Legacy of Minneapolis reports it has closed on the acquisition of the recently completed Birdtown Flats luxury multifamily property here as part of its Opportunity Zone investment strategy.

The 152-unit Birdtown Flats apartment project opened in February 2020 and is located in a Minneapolis Opportunity Zone. Although specific financial details of the transaction were not disclosed, NAI Legacy states that it has now completed four Opportunity Zone investments totaling approximately $50 million since launching its OZ program.

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

“The property has exceeded expectations and we anticipate getting to stabilization later this year,” says Michael Klisanich, managing director for NAI Legacy.

NAI Legacy partnered with Minneapolis-based The Beard Group as the developer, Minneapolis-based Steven Scott Management for day-to-day property management of the building and Minneapolis-based CliftonLarsonAllen Wealth Advisors who assisted in capital raising efforts.

This single-asset Opportunity Zone Fund offering was well received by investors and was ultimately over-subscribed by several million dollars in 2019. Garnering national interest, NAI Legacy reports it accepted subscriptions from a number of investors across four states, including significant investments by several existing Opportunity Zone funds.

“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.