EVERGREEN POINTE TOWNHOMES LLC ACQUIRES APARTMENT COMMUNITY FOR $2.7M

SAVAGE, MINN. — Evergreen Pointe Townhomes LLC has acquired Evergreen Pointe Townhomes, a 43-unit multifamily property in Savage, a southwest suburb of Minneapolis, for $2.7 million, or $64,000 per unit. The seller was Evergreen Pointe Townhomes LP. The apartment community is part of the Section 42 Low-Income Housing Tax Credit program and has an extended-use agreement in place that requires the units continue to be rented to tenants who make 60 percent or less of the area’s median income. The 49,808-square-foot apartment community is located at 4100-4228 McColl Drive. John Karlen of RP Mallery Group LLC represented the buyer and the seller in the transaction.