Hegenes Properties, Outreach Development Corporation, and the NOAH Impact Fund have closed on the acquisition of the Plymouth Colony Apartments, a 126-unit naturally occurring affordable housing (NOAH) property in Plymouth.
Preserving affordable housing opportunities like Plymouth Colony is critical to preventing displacement of low income-families and ensuring residents can continue to access quality, stable housing as properties age and market pressures increase. The $5.65 million equity investment from the NOAH Impact Fund, combined with the newly secured affordability declaration from the City of Plymouth, will support reinvestment in the property while ensuring all 126 apartments remain affordable to households earning up to 60% of the Area Median Income (AMI) for at least the next 25 years.
“This transaction preserves an important source of affordable rental housing in a high-opportunity suburban location and also maintains the support services that have been available to tenants,” said Paul Marzynski, an investment officer for the NOAH Impact Fund.
Plymouth Colony is located next to Interfaith Outreach & Community Partners, allowing residents to continue accessing programs and resources that support housing stability and well-being. In addition, Hammer Residences, a longstanding partner at the property, will continue providing supportive services to 14 households with disabilities.
This acquisition reflects the NOAH Impact Fund’s ongoing commitment to preserving affordable homes by connecting mission-driven owner-operators with social impact investors. Thank you to new owners Hegenes Properties and Outreach Development Corporation as well as NOAH Pool II’s investors (Bridgewater Bank, Bush Foundation, Greater Minnesota Housing Fund, Hennepin County, Highland Bank, Metropolitan Council, Minnesota Housing, Minnwest Bank, Ramsey County, and Sunrise Banks) for making this work possible.
“With a fantastic location, beautiful property, and incredible potential, Plymouth Colony is a community we’re excited and honored to serve,” shared Hegenes Properties in a press release. “Our focus is building communities where people flourish, and we live that out by managing real estate like owners. Plymouth Colony is a perfect fit for both.”
Photo credit: Hegenes Properties
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