Ironwood Apartments
New Hope
Completed
A luxury apartment community located at 8400 Bass Lake Road, New Hope, in the center of the Northwest MSP submarket
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
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