The Hastings Real Estate Fund has acquired a 2-acre parcel of undeveloped land for a future townhome development. This site is adjacent to the Shepherd of the Valley Lutheran Church in Hastings …
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The Hastings Real Estate Fund has acquired a 2-acre parcel of undeveloped land for a future townhome development. This site is adjacent to the Shepherd of the Valley Lutheran Church in Hastings located at 1450 4th Street West. The fund is a local community real estate investment fund managed jointly by Hastings community leaders and REVocity from Northfield.
This acquisition is one step in a future housing development project. The current development plan is to construct 17 townhomes as rental properties. The townhomes will include a mix of two-bedroom and three-bedroom units, further supporting the housing needs of the Hastings community. The goal is to start construction in first quarter 2024.
The Hastings Real Estate Fund is made up of local investors and is managed by local Hastings community members, Rob Barse, Tony Ciro, Dennis Peine, Michelle Tjomsland, and Dave Welshons, in partnership with REVocity, a real estate development firm. The Fund’s goal is to seek investments from local individuals, businesses and non-profits and channel those investments into impactful real estate projects that provide benefits for the community and returns for investors.
In addition, the Hastings Real Estate Fund recently entered into contracts for two additional properties located in the downtown area. These projects aim to preserve the historic nature of the buildings through the use of federal and state historic tax credits. The group is also actively exploring mixed-use redevelopment opportunities near the downtown Hastings area and along the Vermillion Street Corridor.
About REVocity
REVocity, an affiliate of Rebound Partners, is an organization of industry experts who have a passion for helping communities grow and thrive. Based in Northfield, Minn., REVocity helps towns and cities prosper by creating community real estate funds that help meet needs in the community. REVocity’s focus is on impact investing –delivering a positive impact in the community along with returns to investors. REVocity currently has 14 established community real estate funds – 13 in Minnesota and one in Iowa.
