May 22, 2013
Spring Creek Townhomes, Northfield, Minnesota:
In partnership with Three Rivers Community Action Inc. The Corporate Equity Fund IX has closed the financial portion of Spring Creek Townhomes. The project is located in Northfield, Minnesota; the new construction of 28 townhomes will provide affordable rental housing targeted to larger households. The primary economic engines in the community are Carleton College and St. Olaf College, as well as several manufacturing companies with significant employment. Northfield, MN is located in close proximity to the Twin Cities and offers an ideal location for commuters. The combination of the college presence and growing number of commuters has put a strain on the local housing market. The area has very little available rental housing for households needing three or four bedrooms. Upon completion Spring Creek Townhomes will fill a much needed gap in the local housing market.
Scotten Park-Detroit Michigan:
In Partnership with Southwest Housing Solutions (SHS), The Corporate Equity Fund IX has closed the financial portion of Scotten Park. The Project is located in Detroit, Michigan; the new construction will be 36 units of affordable rental family housing on a vacant, tax foreclosed property. SHS is a part of a larger organization, Southwest Solutions, Inc. (SWS) which operates in the Southwest Detroit neighborhood. Scotten Park is the second phase expansion of the successful Hubbard Community project completed by SWS last year; the project was the construction of 44 rental homes. Residents and businesses are very pleased by the construction of new, quality homes and the removal of blight conditions. NDC hopes Scotten Park will continue the revitalization of this Detroit Neighborhood.
Trestletree Apartments- Atlanta, Georgia:
In partnership with Community Housing Concepts, Inc., The Corporate Equity Fund IX has closed the financial portion of Trestletree Apartments located in Atlanta, Georgia. The project is the rehabilitation of 188 2-bedroom apartments in Atlanta’s Grant Park Neighborhood, an area very convenient to downtown Atlanta. The rehabilitation of the apartments will include the renovation of kitchen spaces, installation of new appliances and the incorporation of energy efficient fixtures throughout the space. The project also plans to construct new community facilities which will include laundry, gardens and office space.