Aeon Acquires MN Affordable Community
The purchase of the 118 apartment homes in Little Canada was a joint venture which also included the NOAH Impact Fund of Greater Minnesota Housing Fund.
Aeon has partnered for the second time with the NOAH Impact Fund of Greater Minnesota Housing Fund (GMHF) to buy The Provinces, a 118-unit affordable community in Little Canada, Minn. NorthMarq Capital financed a part of the acquisition cost via a Freddie Mac loan while Ramsey County Housing and Redevelopment Authority provided grant funding. The seller was Dominium, which has recently hosted the reopening of Courtyard Apartments, a 137-unit affordable community in Cincinnati.
The Provinces is a two-building community located at 155 Little Canada Road E. The property features one- and two-bedroom units with rents averaging at $900, according to Yardi Matrix. Dominium acquired the asset in 1996 for $2.8 million and took out a $5.1 million loan last year from Bridgewater Bank to finance an improvement project at the property. Amenities include a swimming pool, 12 laundry facilities, parking spaces for 236 vehicles and controlled unit access.
As Rachel Robinson, NOAH Impact Fund manager, said in a prepared statement, the association is trying to preserve 1,000 affordable units by the end of 2018, the acquisition of The Provinces being part of that effort. Until the time of the sale, Aeon had purchased more than 1,400 NOAH affordable units, increasing the availability of low-cost rentals in the Twin Cities area.
Image courtesy of Yardi Matrix