OFFERING MEMORANDUM - REDI-net.com
OFFERING MEMORANDUM - REDI-net.com
OFFERING MEMORANDUM - REDI-net.com
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MARKET OVERVIEW2402 University Ave.St. Paul, MNMultifamily Submarket AnalysisThe Chittenden & Eastman Building is located in Saint Paul, Minnesota in the Saint Anthony Parkneighborhood. The future redevelopment would be considered a Class A apartment <strong>com</strong>munity withinits <strong>com</strong>petitive market, known as the “St. Paul non-downtown” submarket.The St. Paul non-downtown rental market (specifically north of I-94) currently has a total of 2,978 units.The overall vacancy rate in this submarket as of the 2nd Quarter 2009 was 4.9%, a slightly highervacancy than the overall market vacancy rate of 6.0%. The vacancy for the entire St. Paul market iscurrently 5.3% , with an overall average rent of $863.Rents in the non-downtown St. Paul submarket have increased slightly over the past year, averaging$840, up from $824 per unit at this time last year. This is slightly lower than the overall average marketrent of $904 (entire metro area).Twin Cities Apartment Submarkets