Corridor Teams Up With Riverton Community Housing

With a legacy that began in 1945, Riverton Community Housing has been a mainstay in the Minneapolis rental market offering student-oriented housing in Dinkytown and surrounding neighborhoods. In February 2022, Corridor began its partnership with Riverton to provide leasing services for six member-controlled properties consisting of more than 400 combined units.

With a focus on quality affordable housing, Riverton develops and maintains student-oriented living that operates on a nonprofit, democratic basis. Member residents are empowered to invest in their communities and participate in the cooperative housing model. Each year, a board of directors is elected to govern the co-op that makes decisions regarding policy, budget, education initiatives, and social and cultural events for its co-op members.

For the last five decades, Riverton has managed its leasing efforts internally. The small team combined marketing, leasing, and front-desk duties in one role. However, as with many multifamily properties, the onset of the COVID-19 pandemic provoked a shift in leasing needs. The nonprofit began to see more vacancies within its rental properties, and the need for expanded leasing efforts emerged.

Mary Novak, Executive Director of Riverton Community Housing, explains, "We've typically just not had a vacancy problem at all. But when we were faced with some of these challenges, it gave us an opportunity to re-look at what we do. Having a third-party leasing firm come in and work with us has really brought additional expertise to how we reach a broader audience and a broader market. That's what [Corridor's] skill set is, and that's what they do day in and day out โ€” and we felt that that gave us more consistency in our work."

Bringing on a third-party leasing group will also allow Riverton's staff to focus their time and energy on community development efforts.

"Having a group that brings their expertise to the table to handle [leasing] frees up our community managers to be able to focus on larger community needs and grow and strengthen our co-op communities. That's what we want to do in-house."

Corridor's Team Brodie will provide leasing services for six Riverton properties, including Brook Avenue Housing Co-op, Chateau Student Housing Co-op, Cole Townhomes Co-op, Fourth Street Housing Co-op, Marcy Park Student Housing Co-op, and Marshall Student Housing Co-op.

Brad Baar, Owner and Broker at Corridor adds, โ€œWe are honored to partner with Riverton. Not only are we impressed with their beautiful properties and rich history, but we are also excited to help them write the next chapter of Rivertonโ€™s future. They are ready to take their communities to the next level and we are privileged to be able to elevate their leasing experience portfolio-wide.โ€

  • Mar 15, 2022
"Having a third-party leasing firm come in and work with us has really brought additional expertise to how we reach a broader audience and a broader market."