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The Blueprint

Huntington Place, a 834-unit Brooklyn Park apartment complex, sold for $33.2 million.
Aeon sold the complex after determining long-term stabilization costs exceeded its capacity.
The new owner plans $18 million in renovations and a rebrand to NOMA One Apartments.
City officials say preventing tenant displacement is a top priority following the sale.

After facing potential foreclosure last year, Huntington Place in Brooklyn Park — the second largest apartment complex in Minnesota — has been sold for $33.2 million, according to a recently released certificate of real estate value.

The property, which spans six buildings and 834 units, was sold by the affordable housing nonprofit Aeon to a New Jersey entity related to MAS Capital Group, according to Brooklyn Park Community Development Director Tim Gladhill.

The price works out to about $39,808 per unit for the 834-unit property. It is located at 5805 73rd Ave. N. in Brooklyn Park.

Aeon originally bought the building in early 2020 for $77 million, or $92,326 per unit. During its ownership, according to Gladhill, the site has become more stable with fewer calls to police and better security.

In an email statement, Aeon’s CFO and interim CEO Caroline Horton said the work needed on the site “far exceeded Aeon’s capacity” for long-term stability but noted the nonprofit did complete the deferred maintenance and some other improvements.

“The sale was necessary for Aeon to protect its financial position and focus resources on preserving and improving the other 4,837 affordable homes in its portfolio, supporting nearly 8,500 residents,” Horton said in the email. “Aeon remains deeply committed to its mission of creating and maintaining high-quality, stable and affordable homes across the Twin Cities.”

MAS, Gladhill said, told the city of its plans to renovate the site for $18 million, changing individual units, common areas and some amenities. The firm intends to rebrand the complex as NOMA One Apartments and raise rents. According to a website for NOMA One, the new rent for a one-bedroom unit is $1,285. Finance & Commerce reached out to MAS Capital Group for this story.

The sale comes almost a year after the Brooklyn Park Economic Development Authority approved Aeon’s request for loan forgiveness, a move worth $3.8 million on a $5 million loan from the city. According to Gladhill, the loan forgiveness stipulated that Aeon direct a $4 million federal grant to the city’s expansion of the Zanewood Teen Center.

Going forward, Gladhill said, the city’s No. 1 focus is on preventing resident displacement.

“On the one hand, we are excited that this new owner plans to reinvest a significant amount of dollars into renovation,” Gladhill told Finance & Commerce. “The other piece of that, more importantly, is making sure that we minimize disruption and displacement of tenants that rely on that housing.”

Gladhill said ways the city is looking to prevent displacement is through use of the Tenant Notification Ordinance, which requires landlords to notify residents of change in ownership and has a criteria for eviction of residents. He said the city does not have emergency rent assistance but can refer residents to city partners that can provide financial help.