CommonBond Communities has announced the opening of Trail Point Ridge, a new affordable housing community in Eden Prairie.
Trail Pointe Ridge, 16397 Glory Lane, includes 58 apartment homes available for rent, 53 are for families with low incomes and the remaining five units are market rate. The community is the first new affordable housing constructed in Eden Prairie in 12 years.
Amenities include underground and surface parking; a community room and computer lab; laundry; and a tot lot and teen sport court. Trail Pointe Ridge is adjacent to the Minnesota River Bluffs Regional Trail, and nearby amenities include Miller Park, grocery stores, restaurants and schools. Part of the new Smith Village Community, the other two developers on the site are United Properties and Halley Land Corporation.
CommonBond’s funding partners on Trail Pointe Ridge include: Minnesota Housing, Hennepin County HOME Funds; Met Council LCDA; City of Eden Prairie TIF; Associated Bank – Construction Loan; and Bridgewater First Mortgage.
“We are excited to provide new housing options that are affordable in Eden Prairie. This property is leasing up very quickly, which speaks to the deep need for families to access high-quality affordable housing options in Eden Prairie, both now and into the future,” said Cecile Bedor, CommonBond’s executive vice president of real estate.