The apartment complex brings redevelopment to a Minneapolis suburb, with support from Opportunity Zone funding.
MINNEAPOLIS — CliftonLarsonAllen Wealth Advisors, LLC announced today that it has secured $20 million in Opportunity Zone funding for an apartment complex in Robbinsdale, Minnesota.
The project, known as Bird Town Flats, opened for occupancy in January 2020. The Qualified Opportunity Zone is a half mile from downtown Robbinsdale and minutes from downtown Minneapolis, with easy access to the highway and transit options. The 152-unit, Class A apartment community offers two-bedroom, one-bedroom and studio units. Amenities include premium kitchens, a rooftop deck, fitness center, underground garage, outdoor TV lounge and bike trails.
The Beard Group Inc. served as the real estate development company and NAI Legacy sponsored the Opportunity Zone package. CLA Wealth Advisors helped raise capital and provided tax advisory and compliance services.
“At CLA, we’re committed to creating opportunities in the communities we serve,” said Tony Hallada, managing principal with CLA Wealth Advisors, who led capital raising efforts for the development. “I’m incredibly pleased to see this project come to fruition, because it’s a model for what Opportunity Zones are about — bringing a high-quality project to an area that hasn’t seen this type of development in years.”
In addition to raising capital, CLA (CliftonLarsonAllen) will provide ongoing professional services for the Oppportunity Zone fund supporting this project. CLA is a national leader in the Opportunity Zone space, combining deep experience in the real estate industry, tax and investment management services to offer stakeholders a broad spectrum of insight into the full benefits of the Opportunity Zone program.
“It’s exciting to see the redevelopment efforts in Robbinsdale, and we’re thrilled to be part of this boom,” said Bill Beard, president and CEO with The Beard Group Inc. “There’s been a tremendous demand and lease up went quicker than expected. CLA, NAI Legacy, The Beard Group and the entire team worked together to make this project a success.”
About CLA
CLA exists to create opportunities for our clients, our people, and our communities through industry-focused wealth advisory, digital, audit, tax, consulting, and outsourcing services. With nearly 9,000 people, more than 130 U.S. locations, and a global vision, we promise to know you and help you. CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor.