The Rune
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.
Over 60% of commercial space is pre-leased!
The Rune
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.
Over 60% of commercial space is pre-leased!
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%
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 $34,340,000 including the acquisition of the land. Site improvement, building costs, FFE, and all soft costs. Equity requirements can range from 25%-30% or $9M to $10M. 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.
The Rune Property
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.
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.
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
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
ROB THOMPSON
Founding Partner
•30+ years of Real Estate Development Experience
•President/Owner of C.I. Construction
•Business Degree from St. John’s University
KENNETH PIPER
Principle Architect
Ken is a registered architect with over two decades of experience. Ken is an accomplished designer with strong project conception and project management skills. Ken leads the design firm Tanek along with his partner Nat Shea.
Investor Q&A
For additional questions... feel free to send an email to Ted Christianson or Rob Thompson
Investment Details
Minimum Investment: $50,000
The Rune Property Website: Click Here
Contact Us By Email: Ted Christianson or Rob Thompson