Plymouth Avenue Apartments

2309 Plymouth Avenue North, Minneapolis, MN

Project Type: New Construction

DETAILS:

Project Stage: Closeout

Size: 63

Completion Date: 2024

Developer: James Archer/Matrix Development LLC (Minneapolis, MN)

Project Cost: $20.3 million

Funding Sources: 4% LIHTC, City/County deferred, Met Council, first mortgage

Landon Group role: Secure financing, coordinate closing, coordinate draws, project closeout

Plymouth Avenue Apartments was developed by James Archer of Matrix Development.  A long time resident of Minneapolis’ Northside, Mr. Archer is committed to filling the need for highly affordable housing at a larger scale in his community.

Specifically the area around Plymouth Avenue Apartments, the Willard-Hay neighborhood, has experienced some gentrification since 2000. Rents have risen, meaning that truly affordable options have been harder to find for Northside residents.  The surrounding neighborhood has seen growth in job opportunities, which is expected to continue, meaning that Plymouth Avenue Apartments’ workforce housing is urgently needed.

In addition to filling the need for workforce housing, Matrix Development has partnered with Simpson Housing to provide 14 units of Supportive Housing for both High Priority Homeless households and People With Disabilities. A commitment of Section 8 Project-Based Vouchers has also been secured for seven units, with Housing Support providing rental assistance for the HPH residents.