The second-largest apartment complex in Minnesota, which encompasses hundreds of one-bedroom units across six buildings in Brooklyn Park, rebranded as Noma One in early 2026. The new property management group and investors behind the name change have spent recent months renovating apartments, improving common areas and installing new amenities.<\/p>\n
While there is still more work to do, the Noma One team showcased its progress at Sept. 16 grand opening celebration.<\/p>\n
Previously called Huntington Place, the property was sold by local affordable housing developer Aeon to the out-of-state MAS Capital Group for $33.2 million after more than a year of negotiations. The official transfer occurred in February.<\/p>\n
Tenants and city officials alike raised concerns about the property under previous ownership, with complaints ranging from health hazards to public safety matters.<\/p>\n
City officials weighed the sale for nearly a year before allowing it to move forward. The deal hinged upon Aeon\u2019s nearly $4 million debt to Brooklyn Park, which the city eventually agreed to forgive in exchange for access to a $4 million federal grant that went unused by Aeon. Brooklyn Park also made continued affordability a condition of the sale.<\/p>\n
MAS Capital has estimated renovations will cost $14,000 to $24,000 per unit. The entire project is expected to take 18 months and cost $20 million to complete. Six months in, more than 40 tenants have been moved into renovated units and another 100 are reportedly \u201cclose\u201d to doing so, according to Kathleen Caldarera.<\/p>\n
Caldarera is the owner and CEO of GC Multifamily, a property management company based in Arkansas that is overseeing the Noma One project. MAS Capital has also enlisted New Jersey-based Refresh Group to lead renovation efforts. Minneapolis-based Corridor was brought in to provide third-party leasing services.<\/p>\n
Common area improvements include a modernized clubhouse with a lounge and coffee bar on the main floor, connected to a new fitness center and golf simulator room that replaced the indoor pool. Upstairs, there is a game room and a theater for movie screenings.<\/p>\n
The outdoor pool, which owners claim will be the largest in the state, is currently under construction.<\/p>\n
In-unit renovations range from new air conditioning units and updated kitchens to new flooring and bathroom fixtures. The exterior of each apartment building got a fresh coat of contrasting black-and-white paint, with a similar color scheme adorning the halls and entryways inside.<\/p>\n
Caldarera said roughly 55% of Noma One\u2019s 834 units are currently occupied, making it possible for crews to renovate vacant apartments without displacing any tenants. While Caldarera acknowledged some tenants opted not to renew their leases and moved out, many have stayed through the ownership change and are transitioning to renovated units as crews complete them. She estimated more than 40 people have made the move, with another 100 scheduled to get their refinished units by mid-October.<\/p>\n
Brooklyn Park Mayor Hollies Winston spoke at the grand opening ceremony. He said elected officials need the right partners to help residents achieve their full potential \u2014 and that a place like Noma One can help make that happen.<\/p>\n
\u201cWhen we talk about the aspirations of people who move to our city of Brooklyn Park, who grow up and live in our city of Brooklyn Park, we want to ensure that they’re growing up in nice facilities. That they are able to have dreams,\u201d Wisnton said.<\/p>\n
Before the property was sold, Winston had suggested MAS Capital would need to spend far more than it was planning to make the former Huntington Place \u201clivable.\u201d Aeon previously reported that the property was in need of a $200 million overhaul. Although city officials called that number \u201coverzealous,\u201d Winston said $60\u2013$80 million would be necessary to address asbestos, mold, pests and other issues at the apartment complex.<\/p>\n
Rental costs sat between $900 and $950 per month across the property prior to the sale. The renovated units currently available at Noma One range in price from $1,082 to 1,285 depending on the floor plan.<\/p>\n
Caldarera noted these numbers are in line with the area median income, with the cheapest units around 50% AMI and the most expensive under 60% AMI. These rates mean Noma One still qualifies as affordable housing despite the rise in rent.<\/p>\n
Residents who previously received income-based housing assistance will not see a price hike under new ownership.<\/p>\n
Property History<\/p>\n
Aeon purchased Huntington Place for roughly $76 million in 2020, just before the outbreak of COVID-19, with help from multiple lenders including the city of Brooklyn Park.<\/p>\n
Beginning in 2024, Aeon spent nearly a year asking Brooklyn Park to forgive its $3.8 million debt to the city. Former Aeon CEO Eric Johnson repeatedly told city officials the nonprofit could no longer afford to manage the complex and was at immediate risk of foreclosure.<\/p>\n
In 2025, the Brooklyn Park Economic Development Authority approved the loan forgiveness under one condition: Aeon would give the city access to an unused $4 million federal grant.<\/p>\n
The Department of Housing and Urban Development later approved the request to use those funds toward the Zanewood Recreation Center expansion, determining that it was in line with the grant\u2019s intended purpose of \u201ctransforming and revitalizing Huntington Place.\u201d The two properties share the same block on the corner of 73rd and Zane avenues north.<\/p>\n","protected":false},"excerpt":{"rendered":"The second-largest apartment complex in Minnesota, which encompasses hundreds of one-bedroom units across six buildings in Brooklyn Park,…\n","protected":false},"author":2,"featured_media":357187,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[48204,133134,133135,98,100,99,114607,4708,68982,29602,42713,133137,113007,48207,133132,48208,1092,4801,5800,39479,1066,9,24,133130,63,133131,133136,133133],"class_list":["post-357186","post","type-post","status-publish","format-standard","has-post-thumbnail","category-brooklyn","tag-aeon","tag-aransas","tag-black-and-white-paint","tag-brooklyn","tag-brooklyn-headlines","tag-brooklyn-news","tag-brooklyn-park-economic-development-authority","tag-ceo","tag-corridor","tag-department-of-housing-and-urban-development","tag-eric-johnson","tag-gc-multifamily","tag-hollies-winston","tag-huntington-place","tag-kathleen-caldarera","tag-mas-capital-group","tag-mayor","tag-minneapolis","tag-minnesota","tag-mne","tag-new-jersey","tag-new-york","tag-new-york-city","tag-noma","tag-nyc","tag-refresh-group","tag-zane","tag-zanewood-recreation-center"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/357186","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=357186"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/357186\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/357187"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=357186"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=357186"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=357186"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}