MLG Capital Makes Twin Cities Luxury Purchase
The buyer also assumed the outstanding balance of a HUD loan.
MLG Capital has picked up Lyra at Riverdale Station, a 180-unit luxury community in Coon Rapids, Minn. Sherman Associates previously owned the property, according to Yardi Matrix information. JLL Capital Markets represented the seller and procured the buyer.
As part of the deal, MLG also assumed the outstanding balance of an existing loan. JLL originated that $28.6 million, fixed-interest, HUD note in 2018, according to the same data provider. Its maturity date is set in 2060.
Lyra at Riverdale Station is part of a two-property development that also includes Aster, another luxury community with 192 apartments. Situated on 5 acres at 3120 Northdale Blvd., the four-story building came online in 2020. The unit mix features studio, one-, two- and three-bedroom floorplans averaging 965 square feet.
The pet-friendly community has an outdoor swimming pool, fitness center, community room, golf simulator and dog run, among other top multifamily amenities. The property also comprises 100 above-ground and subterranean parking spaces.
Lyra at Riverdale Station is less than a mile south of multiple dining and retail options, including a Target and a Costco Wholesale. The community is some 17 miles north of downtown Minneapolis and 25 miles from St. Paul, in one of the hottest rental markets of 2025.
JLL Managing Director Josh Talberg and Director Joseph Peris led the Investment Sales and Advisory team representing the seller.
