The Emerald

Cambridge, MN 

  • Phase 1 opened July 2022. 75 apartments that were 100% pre-leased and 100% occupied right away 

  • Phase 2 opened October 2022. 75 apartments that were 100% pre-leased and 100% occupied right away 

  • Phase 3 (Townhomes) opened spanning from June-October 2022 (5 buildings that opened 30 days apartment from each other) 

  • Market Rate Class B Housing  

  • 150 Apartment Units & 30 townhomes   

  • Joint venture development with INH Properties and Next Nest 

  • Project was delivered under development budget and 7.12% of capital was returned to investors upon stabilization  

  • 99% occupied as of 3/31/2024 

  • Tax increment financing from the City of Cambridge attained to hedge against real estate tax increases in the future 

  • Q1 2024 Quarterly Distribution: 17.54% cash on cash net of fees 

Amenities: Underground Parking, Patio Space, Fitness Center, Community Room, Business Center, Coffee Lounge, Tot-Lot, Dog Wash station, In-Unit Washer/Dryer, Residential storage units, on-site community manager, Luxer package system