NOAH Impact Fund, Hegenes Properties and Outreach Development Corporation Acquire 126-Unit Plymouth Colony Apartments for $17 Million

Hegenes Properties, Outreach Development Corporation and the NOAH Impact Fund have closed on the acquisition of Plymouth Colony Apartments, a 126-unit naturally occurring affordable housing property in Plymouth, Minnesota, the parties announced Sept. 1, 2026. The transaction was valued at approximately $17 million, or roughly $134,920 per unit, with a $5.65 million equity investment from the NOAH Impact Fund supporting long-term affordability preservation at the suburban Twin Cities complex.

The deal secures an affordability declaration from the City of Plymouth requiring all 126 apartments to remain affordable to households earning up to 60% of the Area Median Income for at least the next 25 years.

Property and Transaction Details

Plymouth Colony Apartments is located at 1805 County Road 101 N. in Plymouth, MN 55447. The property comprises two three-story buildings totaling 117,306 square feet and containing 2 studios, 30 one-bedroom units and 94 two-bedroom units. The complex was built in 1975, with a renovation completed in 2012.

The NOAH Impact Fund's equity contribution is part of a broader capital stack assembled through NOAH Pool II, whose investors include Bridgewater Bank, Bush Foundation, Greater Minnesota Housing Fund, Hennepin County, Highland Bank, Metropolitan Council, Minnesota Housing, Minnwest Bank, Ramsey County and Sunrise Banks.

"This transaction preserves an important source of affordable rental housing in a high-opportunity suburban location and also maintains the support services that have been available to tenants," said Paul Marzynski, an investment officer for the NOAH Impact Fund.

Supportive Services and Community Partnerships

Plymouth Colony is situated adjacent to Interfaith Outreach & Community Partners, allowing residents to continue accessing programs and resources that support housing stability and well-being. Hammer Residences, a longstanding partner at the property, will continue providing supportive services to 14 households with disabilities under the new ownership structure.

"With a fantastic location, beautiful property, and incredible potential, Plymouth Colony is a community we're excited and honored to serve," Hegenes Properties said in a press release. "Our focus is building communities where people flourish, and we live that out by managing real estate like owners. Plymouth Colony is a perfect fit for both."

NOAH Impact Fund's Preservation Platform

The Plymouth Colony acquisition is part of an active preservation platform operated through the NOAH Impact Fund. NOAH Pool I previously preserved 701 housing units, while NOAH Pool II launched in 2024 with a target of preserving more than 500 units. Pool II closed its first transactions in August 2025, investing $11.2 million to acquire 236 units across three properties in Richfield with Hempel Companies. The Plymouth Colony deal represents continued deployment of that capital toward suburban NOAH assets in the Twin Cities metro.

The transaction fits within a broader state policy backdrop: Minnesota Housing approved $41.75 million in NOAH selections in January 2026 to preserve existing rental housing statewide, with those selections expected to stabilize approximately 1,013 homes.

Market Context

The Twin Cities multifamily market has maintained solid operating fundamentals heading into the second half of 2026, with metro vacancy reported at 4.7% in the first quarter and average asking rents at $1,636. Stabilized occupancy across the metro stood near 95.2% in early 2026. Those conditions have kept naturally occurring affordable properties vulnerable to market-rate conversion pressure, reinforcing the rationale for mission-driven acquisition strategies that use low-cost equity to hold affordability covenants in place without relying on traditional subsidy programs.

The NOAH Impact Fund's model connects mission-driven owner-operators with social impact investors, competing in the open market to acquire unsubsidized affordable rental housing before it converts to market-rate use.

Sources

Greater Minnesota Housing Fund — NOAH Impact Fund Helps Preserve Affordable Homes in Plymouth (Sept. 1, 2026)