Open to Individual Investors
Located in Alexandria Minnesota, our new four story, 214,185 Sq Ft structure will include underground parking, 35,426 sq ft. of Class A professional/retail space and 72 upscale apartments.
The Rune
Over 60% of commercial space is pre-leased!
Presents
What We Do
By using opportunistic advantages and intimate hands-on knowledge of these markets we create long-term value for our stakeholders. With over 60 years of combined executive leadership in Real Estate Development GoodNeighbor Properties has developed a portfolio including Commercial, Retail, Hospitality, Industrial, and Residential properties. Historically GoodNeighbor Properties has been able to achieve a targeted 10% cash on cash return with IRRs of 15%-25%
GoodNeighbor Properties purchases and develops under-utilized or vacant properties in secondary markets.
Investment Opportunity
GoodNeighbor Properties has engaged Viewpoint Consulting Group to complete a detailed demand and feasibility study of the region showing adequate excess demand for this facility.
GoodNeighbor Properties LLC will be the Managing Member and with the members will own approximately 20% of project investment units. The balance of the ownership units will be offered to interested qualified investors.
Total project cost will be approximately $30,000,000 including the acquisition of the land. Site improvement, building costs, FFE, and all soft costs. Equity requirements can range from 25%-30% or $8M to $9M. TIF financing and DEED Grant of $2,000,000 have been approved which will offset the total equity requirement. Individual investment units are priced at $1.00, with a minimum investment of $50,000. Investors may be required to provide additional partial guarantees based on ownership percentage. Click here to review the Business Plan
The Rune Property
GoodNeighbor Properties, LLC has designed The Rune using higher quality materials and attractive design to differentiate this facility from all others in the area. This will be the only facility of its type in Douglas county. When completed, the facility will have a total of 72 "one and two" bedroom apartments designed for 55 and older residents, six professional service/retail spaces, and a 90 seat restaurant.
The project consists of 2.5 acres of land in downtown Alexandria, MN improved by building a Mixed-use facility that includes underground parking, 27,700 sq.ft. of professional & retail space, and 72 upscale apartments in a 4-story structure at the busiest intersection in the county.
Management Team
Ted Christianson, Founding Partner
30+ Years of successful real estate development
President and Partner at Adam Smith Properties
Master's Degree, North Dakota State University
Rob Thompson, Founding Partner
30+ Years of successful real estate development
President/Owner of C.I. Construction
Bachelor's Degree, Saint Johns University
Lisa Marvin, Chief Executive Officer
CEO and Partner Essence Property Management
20+ Years of experience in the Multi-Housing industry
Licensed Broker and Certified FH Housing Specialist
Licensed Broker and Cer
Kenneth Piper, Principle Architect
Ken is a registered architect with over two decades of experience. Ken is also an accomplished designer with strong project conception and project management skills. Ken also leads the design firm Tanek along with his partner Nat Shea.
Investor Q&A
Why is The Rune a good idea, right now?
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Investing in The Rune provides a great opportunity for investors to take advantage of historically low interest rates.
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The Rune is solid alternative for investors to partially divest from the volatile stock and equity markets
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Investors can take advantage of accelerated tax depreciation due to GoodNeighbors Cost Segmentation Program.
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Opportunity to invest in a company with a strong track record and a project with strong cash on cash returns.
How will The Rune make money? Investors?
Where will your GoodNeighbor Properties be in 5 years?
What’s the Rune’s biggest challenge?
What key advantages do you have over your competitors?
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Strong anchor tenants paying above market rates on the commercial side for premier location (60% pre-leased)
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72 upscale apartments in the heart of downtown Alexandria, a regional trade center, allowing for above market rental rates.
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Strong cash on cash returns with initial income deferral due to accelerated tax depreciation.
We will continue to leverage our unique strenghts and deep real estate experience by focusing on expanding our real estate portfolio primarily through property acquisition and development in the markets where we have intimate hands-on knowledge.
Given The Rune's high-profile and central location, we will remain diligent in our efforts to develop an integrated sense of community with local businesses and neighborhood.
GoodNeighbor Properties has decades of experience in secondary markets. This gives us a unique advantage into understanding our target markets' demand and value proposition of providing high quality, upscale facilities.
xxxxxxxxxxxxxxxx Minneapolis MN 55402 USA
For additional questions... feel free to send an email to Ted Christianson or Rob Thompson
xxxxxxxxxxxxxxxx Minneapolis MN 55402 USA
Investment Details
xxxxxxxxxxxxxxxx Minneapolis MN 55402 USA
Minimum Investment: $50,000
Investor Package: Download
The Rune Property Website: Click here
Contact Us by eMail: Rob Thompson Ted Christianson
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