Tareen Development Partners Completes Acquisition of Afton View Apartments in Saint Paul to Preserve Affordable Housing

Tareen Development Partners has completed the acquisition of Afton View Apartments, a 286-unit community in St. Paul, Minnesota. The property, originally built in 1971, includes 268 units supported by a HUD project-based Section 8 contract, providing a stable subsidy framework for residents and investors.

This marks TDP’s third affordable housing acquisition in the Twin Cities. The firm plans a substantial rehabilitation of the property using 4 percent Low-Income Housing Tax Credits and tax-exempt bond financing later in 2026. Renovations will address in-unit, common-area, mechanical, and amenity improvements intended to extend the useful life of the community and preserve 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.”

The acquisition was completed with support from development partners Bridgewater Bank, Winthrop & Weinstine, the City of Saint Paul, and Stewart Title Company. Tareen Development Partners is a Twin Cities based, mission-driven developer focused on complex, community-centered projects spanning market-rate and affordable housing, healthcare facilities, and mixed-use developments. The firm manages projects across acquisition, development, and asset management stages.

Why this matters to the multifamily industry
Preservation projects that leverage project-based rental assistance and 4 percent LIHTC are a common pathway to stabilize affordability while qualifying for long-term rehabilitation financing. Afton View demonstrates how public-private collaboration and established subsidy structures can support upgrades without disrupting the overall affordability profile of a property.

For operators and investors, the transaction underscores the continuing role of tax-exempt bonds and credit equity in sustaining older affordable communities. For operators focused on resident outcomes, planned capital improvements combined with retained HUD support can maintain housing stability for working families while improving building performance and amenity offerings.

Multifamily stakeholders should monitor the rehabilitation timeline and permit processes as the project advances in 2026. The combination of subsidy continuity and capital reinvestment provides a practical example of preservation-oriented development in a major regional market.