Lee Square Membership Requirements

 

  1. $15.50 non refundable Application fee
  2. $1,000.00 minimum down for Earnest Money
  3. Background check that includes credit score of 700 or better.
  4. Financial form filled out completely with 2 mos. of current bank statements and/or Social Security Report to back up the information on the financial form. 
  5. Meet monthly/yearly income requirements; refer to chart below. 

How much does it cost to purchase a share in Lee Square Cooperative and to live in this community? 

There are two primary costs involved. The Membership Cost (shared value) is a one-time payment that purchases a voting share in the Cooperative. If a Member decides to move, the Cooperative has the option to manage the sale during the first 60 days, returning the Membership Cost to the seller, plus accrued equity. 

Members also pay monthly fees which include real estate taxes, operating expenses, reserves (operating and replacement), interior and exterior maintenance. There is underground heated parking for an additional fee. 

Lee Square Cooperative has 123 apartment homes which include one, one bedroom plus den, and two bedroom floor plans. 

Size

Square Footage

Monthly
Carrying Charge

Qualifying Annual
Income

1 Bedroom – A546 sq. ft.$540.49$16,544
1 Bedroom – B616-622 sq. ft.$611.71$18,724
1 Bedroom Den – C696-737 sq. ft.$703.46$21,527
2 Bedroom – D875-902 sq. ft.$879.00$26,904
2 Bedroom – 2 Bath1,168 sq. ft.$1,146.51$35,093
3 Bedroom – 21,168 sq. ft.$1,190.71$35,721

 

 

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Lee Square Cooperative

4400 36th Ave North, Robbinsdale, MN 55422
763-522-5095 Fax: 763-522-5786
pennyk@leesquare.com