MEADOWLARK HEIGHTS APARTMENTS

Minot, North Dakota

Meadowlark Heights Apartments was originally built in 1976 as a multifamily apartment complex with 96 homes in eight three story garden and townhome-style residential buildings plus a separate one-story leasing building. In 2015, The property was acquired and refinanced with $5.212M of equity raised by R4 Capital LLC from investors in Low Income Housing Tax Credits (Housing Credits). Additional financing of $21.538M was provided through the HUD 223(f) program and $500,000 of net operating income received during the in-place rehabilitation period.

Meadowlark received a new 20-year HUD Section 8 Housing Assistance Payments Contract (HAPC) at the Housing Credit closing in 2015. While under the Housing Credit program, families with incomes up to 60 percent of area median income (AMI) can reside at the property, while under the HAPC, families must be at 50 percent AMI or less.

The 24 one-bedroom, 60 two-bedroom and 12 three-bedroom homes, the exterior of the building, landscaping and outdoor amenities were substantially renovated. All homes received new appliances, cabinetry, flooring, low flow toilets, new bathtubs and surrounds, upgraded faucets and fixtures, GFC outlets, smoke detectors, window replacement with double pane windows throughout, etc. Over the past 10 years historic occupancy has averaged 95 percent.