Scott Alter Of Standard Communities Acquires 50-Unit Multifamily Property In Northfield For $8M

The asset involved in this transaction is a multifamily property located at 1356 Jefferson Road in Northfield, MN. The property encompasses 5.2 acres and consists of 50 units, with a sale price of $8,000,000, translating to a price per unit of $160,000.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $8,000,000
• Address: 1356 Jefferson Road
• Market: Northfield, MN
• Acres: 5.2
• Units: 50
• Price Per Unit: $160,000
• Buyer: Scott Alter - Standard Communities

The deal was facilitated by Standard Communities, which acquired Jefferson Square, a fully occupied, family-oriented property that is 100% Section 8 affordable housing. This acquisition contributes to Standard’s strategy of expanding its national affordable housing portfolio while ensuring the long-term affordability of the community.