Tareen Development Partners Completes Acquisition of Afton View Apartments in Saint Paul

Tareen Development Partners (TDP) has completed the acquisition of Afton View Apartments, a 286-unit community in St. Paul, Minnesota. Built in 1971, the property has served the community for decades and includes 268 units supported by a HUD project-based Section 8 contract.

TDP has identified this as its third affordable housing acquisition in the Twin Cities. The firm plans a substantial rehabilitation later in 2026, financed through 4% Low-Income Housing Tax Credits and tax-exempt bonds. Planned renovations will address in-unit, common-area, mechanical, and amenity upgrades and are intended to extend the useful life of the property while maintaining long-term affordability.

"The preservation of affordable housing communities like Afton View Apartments is critically important for the long-term stability of the Twin Cities housing market," said Dr. Basir Tareen, founder and CEO of TDP. "This project represents a significant reinvestment into the property and reflects our commitment to providing residents with high-quality housing while maintaining long-term affordability."

This acquisition involved a development team that included Bridgewater Bank, Winthrop & Weinstine, the City of Saint Paul, and Stewart Title Company. Tareen Development Partners is a mission-driven development firm based in the Twin Cities that focuses on complex, community-centered projects across market-rate and affordable housing, healthcare facilities, and mixed-use developments. The firm manages projects across the full development lifecycle from land acquisition to asset management.

Preservation and rehabilitation of existing affordable housing stock are central to maintaining housing stability for residents and communities. The planned financing and renovation approach for Afton View aligns with industry strategies to retain affordability while modernizing aging assets. Multisite players, local governments, and capital partners often coordinate similar structures to support long-term viability of subsidized housing.

Multifamily Leadership will continue to track notable preservation projects and financing approaches that influence affordable housing capacity and community outcomes across the sector.