CapStone Holdings Inc. Invests $10M in Minnesota Opportunity Zone Project
Luxury Apartment Complex Already Beyond 65% Leased
MINNEAPOLIS – CapStone Holdings, a business incubator and investment group, today announced a $10 million stake in Birdtown Flats, a new luxury apartment complex in Robbinsdale, MN.
CapStone, utilizing its Stone Opportunity Fund, is one of the largest investors in the apartment project, which is considered one of Minnesota’s first completed opportunity zone endeavors and one of the hottest housing markets in the region. Birdtown Flats opened in February 2020 and is more than 65% leased, with unit bids continuing at a fast pace even during the current coronavirus period. The 152-unit pet-friendly apartment complex features studio, one-bedroom and two-bedroom units as well as a fitness center, business center, underground heated parking, bicycle storage area and rooftop deck.
“The Birdtown Flats investment is another ideal opportunity for CapStone. The area is undergoing tremendous redevelopment, plus this project was assembled and completed by an outstanding team,” said CapStone Holdings Chairman & Founder Keith J. Stone.
The property was developed by The Beard Group in association with NAI Legacy. Others involved included Minneapolis-based CliftonLarsonAllen Wealth Advisors, which assisted in capital raising efforts. NAI Legacy has targeted projects with high-quality development partners in qualified Opportunity Zones throughout the US.
Today’s announcement follows other investments by Capstone in substantial real estate projects around the globe.
CapStone Holdings is a family office structured holding company that provides investment capital and strategic underwriting for real estate projects, global technology businesses and high growth opportunity tech and fin-tech startups. Founded in 2016 as CSI Kickstart, an investment arm of CSI Enterprises, the firm was reestablished in 2019 as CapStone Holdings Inc. after founder Keith J. Stone sold his 30-year-old company, CSI Enterprises, Inc. Today, CapStone Holdings has invested across a wide range of industries and focused philanthropic efforts in areas supporting youth and education. capstoneholdingsinc.com.
MEDIA CONTACT: Denis Wolcott, 213-200-1563, dwolcott@frasercommunications.com