Aeon Expands Minnesota Footprint
- Jan 31, 2020
Aeon has purchased Huntington Place Apartments in Brooklyn Park, Minn., from Dominium. The nonprofit developer partnered with the City of Brooklyn Park, the Twin Cities Local Initiatives Support Corp. and the National Equity Fund.
Huntington Place, the second-largest affordable housing community in the state of Minnesota, will preserve its affordability after LISC and NEF combined $76.6 million of local and national resources for the acquisition. Aeon will also manage the 834-unit property.
Located at 5805 N. 73rd Ave., Huntington Place is within a 30-minute drive of downtown Minneapolis. According to Yardi Matrix data, the six-building community features only one-bedroom units. Amenities include two swimming pools, a business center, a fitness center, 36 laundry facilities and 1,100 parking spaces. At the end of last year, Huntington Place was 95.3 percent occupied, according to the same data provider.
Dominium purchased the community in 1996 and recently completed a roughly $8 million improvement program at the property. During the next three year, the new owner intends to further upgrade the 1969-built asset that houses more than 1,000 residents. Huntington Place will be affordable to residents earning at or below 60 percent of the area’s median income.
The Metropolitan Council forecasts that between 2020 and 2030, the Twin Cities region will add 37,400 low- and moderate-income households, putting more pressure on the affordable housing market. Aeon is trying to fill that gap and has recently unveiled The Louis, a 70-unit affordable housing property in the Towerside district of Minneapolis.