Tours are Now Available for St. Paul’s Newest Apartments, Liffey on Snelling

Construction of St. Paul’s newest apartments, Liffey on Snelling, has been underway since late 2020. Now, prospective residents can schedule an appointment to take a tour of the brand new property. 

Tours will include a walk-through of the beautiful studios, 1 bedroom and 2 bedroom apartments. Prospects will be able to visit the courtyard terrace, the library and conference rooms, the fitness center, and more. These tours will be the perfect opportunity for those who want to move in early 2022.

Liffey on Snelling is conveniently located in St. Paul at HWY 94 and Snelling Ave, only a short walking distance to the light rail and bus stops. The surrounding area is also bike-friendly, so prospective residents have a number of easy options for getting to their tour without needing a car. There are plenty of cafes and restaurants within a short distance from the apartments for all to explore.

Our team is excited to introduce the newest addition to this thriving neighborhood. Our number one priority is to provide a space that aligns with our residents lifestyle” – Nate Schmidtke, Portfolio Manager

Gaughan Multi-Family will be opening Liffey on Snelling in February 2022 and prospective residents can now pre-lease their apartment. View your floor plan availability now.

Call (651) 369-9963 today for early access and to claim your preferred future home.

Gaughan Community Manager, Lauren Cichy, awarded the Certified Manager of Community Associations certification

In case you haven’t heard – Gaughan Community Manager, Lauren Cichy was awarded her Certified Manager of Community Associations (CMCA®) certification last month! The CMCA certification is the only internationally accredited certification program in the Community Association industry. The CMCA recognizes individuals who have demonstrated the fundamental knowledge required to manage community associations.
Lauren joined the team at Gaughan Association Management in July of 2017 and has been knocking it out the park since day one. In 2018, she earned the Rookie of the Year award from the Community Associations Institute – Minnesota Chapter. After taking a brief sabbatical the beginning of 2020, she rejoined the team last Fall and we are very happy to have her back, as are the clients she works with on a daily basis.

An estimated 70 million people live in America’s nearly 345,000 community associations. Running a community association is like running a business. The best way for homeowners to protect their investment is by hiring a management company who invests in training and certification for their management team. Therefore, during the process of managing their communities, homeowners and managers look for qualified professionals to manage their communities. By obtaining the CMCA certification, you will be able to demonstrate to your employer and your community that you have the specialized skills needed. By staying current about community association issues and holding themselves to a high standard of professionalism, CMCA holders demonstrate their dedication to their profession. It is the key to building a successful community management career.

“The ISO/IEC accreditation of the CMCA program provides assurances to homeowners, developers, regulators, and legislators that professional managers who have earned and maintained the CMCA credential have the comprehensive competency and ethical standards to serve their communities.”
Dawn M. Bauman, Former Executive Director of CAMICB

Learn more at www.gaughanhoa.com

St. Paul’s Newest Apartments, Liffey on Snelling

Gaughan Multi-Family has a new apartment complex opening in Spring 2022, Liffey on Snelling. 

Located conveniently in St. Paul at HWY 94 and Snelling Ave, Liffey will provide beautiful studios, 1 bedroom, and 2 bedroom apartments. Residents will be able to enjoy an array of amenities including cozy fire pits on a courtyard terrace, gas grills, private workstations, pet wash stations, a state-of-the-art 24/7 fitness center, heated underground parking, bicycle stations, and more.

Liffey, will be the perfect living space to enjoy sporting events, the Minnesota State Fair, concerts and more St. Paul events. Liffey is a short walking distance to the light rail and bus stops, so that residents can easily access cafes, restaurants, entertainment, and a number of parks including trails without needing a car.

We are thrilled to offer a project that will provide a smart and balanced lifestyle for our future residents. Live Liffey!” – Dan Hebert, Senior Vice President

Gaughan has a reputation for successfully completing and managing multi-family residential communities throughout the Midwest. Each property is carefully maintained by on-site management and caretakers, with emergency maintenance service and exceptional customer service.

 

Prospective residents can pre-lease their apartment at Liffey on Snelling as soon as Fall 2021. 

Learn more on www.liffeyonsnelling.com.  

Understanding the Basics of 1031 Exchanges

When a business owner or investor sells a piece of property, the taxes on that sale can be significant. Using a 1031 exchange can help you defer tax payments, under qualifying circumstances. Here, we will explain how this process works and help you understand the basics of 1031 exchanges.

WHAT IT IS

The 1031 exchange gets its name from Internal Revenue Code Section 1031. Under this law, a taxpayer can postpone taxes from the sale of an investment or business property by reinvesting those earnings into another property or properties of equal or greater value to the one sold.

Some of the most common properties exchanged include:

• Apartment buildings
• Retail shopping outlets
• Office buildings
• Duplexes and triplexes
• Industrial buildings

Exchanges once were allowed for any type of investment property, including vehicles, collectibles, equipment, and even patents. Because of changes made by the Tax Cuts and Jobs Act of 2017, exchanges of personal property and intangible business resources are no longer permitted.

IRS GUIDELINES

To qualify as a 1031 tax-deferred exchange, the IRS has a list of rigorous guidelines that must be followed.

• Relinquished property (any property being sold) and replacement property (the property being acquired) must be real estate, or “like-kind” assets. But exchange properties can be of different types, i.e. a duplex seller can buy a retail property, or a land seller can buy an apartment building.
• Replacement property should be of equal or greater value, though that value can be spread across several properties. If replacement property is of lower value, you will be taxed on the difference.
• The most common type of property ID is the Three Property rule. Here the property seller can identify up to three replacement properties within a 45-day window, which includes weekends and holidays. This timeline is activated as soon as your relinquished property sale closing occurs.
• Any replacement property or properties must be fully purchased within 180 days of the relinquished property’s sale. This includes an official transfer of ownership title.
• You are prohibited from holding any money from the sale of the relinquished property you want to exchange. A qualified intermediary, or accommodator, is required to hold onto your money until the new property is purchased.

Failure to follow these regulations will repudiate the 1031 exchange provision, resulting in tax impositions.

BENEFITS

The most obvious benefit of a 1031 exchange is the capital gains tax deferment. By delaying (or ultimately eliminating) the tax burden, you will have more money available for your next investment or investments.

Additionally, a 1031 exchange can be reapplied any time you sell a property. This allows you to increasingly trade into investment properties and significantly grow your net worth.

LET OUR EXPERTS GUIDE YOU

If you have questions about whether this tax strategy can work for your investments, contact us. Tom Opsahl or John Chirhart from our team of real estate brokerage experts can help you navigate the details to ensure you understand the basics of 1031 exchanges.

Zipping Through 50 Years with Our Dedicated Team

This year, Gaughan Companies is proud to celebrate 50 years of providing exceptional service to clients throughout the Twin Cities and across the state. Every day, as our company grows, we continue to build a strong, dedicated team of individuals who carry on our tradition of excellence.

Gaughan Companies Team

Celebrating 50 Years

In thanks and in celebration of our 50th anniversary, we held a team building event on October 17 at the Trollhaugen Zip Line in Dresser, Wisconsin. The Zip Line Tour features 3,000 feet of line across six different zips, including the 1,000-foot Dual Zip Line nearly 50 feet off the ground! With perfect weather, gorgeous fall colors, and a festive atmosphere, the Gaughan team really reached new heights that day.

Gaugahn-Companies-Team-with-Champ

Champ, one of our newest team members, also joined us on the trip to Trollhaugen. A yellow lab who will turn one on December 14, Champ belongs to owner Patrick M. Gaughan, and has been coming to the Forest Lake office since he was eight weeks old. Champ takes his role as office dog seriously and so will often become very attached to visitors. A welcome addition to the Gaughan Companies family during our anniversary year, the team wouldn’t be complete without Champ and his mellow personality. 

Champ-the-Office-Dog-Gaughan-Companies

About Gaughan Companies

Gaughan Companies was founded in 1969 by Patrick J. Gaughan and developed a reputation for consistent, reliable results in commercial construction, development, and management. In 1997, Patrick M. Gaughan, Patrick’s son, bought the company and has continued building that reputation by offering commercial construction, commercial real estate brokerage, association management, and property management, as well as facilities maintenance services.

For half a century, we have worked hard to surpass expectations on each and every project. We’re proud of the work we’ve done, and we look forward to continuing to provide the service and dedication our clients have come to expect during our first 50 years. We offer our thanks to all who have contributed to our growth and success. 

Contact us to learn more about the Gaughan team and our capabilities.