The property involved in this transaction is a multifamily asset located at 428-432 1st Street North in Minneapolis, MN. The sale price for this 100-unit building, known as Creamette Lofts, was $19 million, resulting in a price per unit of $190,000. The asset includes 48 existing affordable units, with plans for increasing that count to 75 units, which will have income restrictions at 60% and 80% AMI. The acquisition is supported by a city loan of $2.1 million from the Naturally Occurring Affordable Housing Preservation Fund.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $19,000,000
• Buyer: Trellis Co.
• Seller: Brighton Development Corp
• Units: 100
• Price Per Unit: $190,000
• City Loan Amount: $2,100,000
• City: Minneapolis

The key individuals and companies involved in this transaction include Trellis Co. as the buyer and Brighton Development Corp as the seller. The deal aims to maintain long-term affordability and prevent market-rate conversion of the units in this multifamily asset.