Brooklyn Park’s Huntington Place Apartments Sold for $33M to NY Firm
Brooklyn Park’s Huntington Place Apartments, the second largest apartment complex in the Twin Cities, has been sold to an out-of-state investment firm for $33.2 million.
The previous owner, nonprofit housing developer Aeon, spent months trying to offload the complex, warning city officials of impending foreclosure proceedings.
The property was sold to an LLC related to MAS Capital Group, a New York-based management and investment firm, according to city officials.
Along with the sale comes a rebrand. MAS Capital has renamed the complex Noma One Apartments.
The property, located at 5801 73rd Ave. N., has 834 one-bedroom units.
Aeon bought it just ahead of the COVID-19 pandemic’s outbreak in 2020 for about $76 million.
The troubled property has often been the subject of complaints related to crime, upkeep and livability issues.
In October 2024, former Aeon CEO Eric Johnson told city officials it could no longer afford to manage the complex.
“This is our last stand,” said Johnson. “We have no more options after this.”
Affordability Covenant Remains in Place
Aeon purchased the property with the intention of keeping rent affordable.
In exchange for a $5 million loan from the city of Brooklyn Park, Aeon accepted a declaration of restrictive covenant that capped rents to 60 percent of area median income.
According to city officials, that covenant remains in place for the property after the sale.
Rent for a 685-square foot, one-bedroom one-bathroom unit at the newly-minted Noma One Apartments is $1,285, according to their website.
It’s unclear if MAS Capital will enact new screening requirements for residents.
MAS Capital did not respond to a request for comment before this story was published.
Brooklyn Park’s Huntington Place Apartments, the second largest apartment complex in the Twin Cities, has been sold to an out-of-state investment firm for $33.2 million.
Renovations
Previously, MAS Capital had committed to $18 million in renovations at the site.
“The owner would need to clarify if any of that scope has since changed,” said Brooklyn Park community development director Tim Gladhill. “Our focus moving forward is to work to minimize displacement of existing tenants and if displacement occurs, connect those tenants with existing resources as needed. To the extent we are able to do so, we will work to ensure that the new owner follows through on planned renovations.”
Gladhill did not have an estimate for when renovations may occur, but said he expects it to come in phases.
Loan Forgiven
Aeon’s purchase of Huntington was bolstered by a $5 million loan from the city of Brooklyn Park.
The nonprofit still owed $3.8 million on that loan when it began to explore selling the property.
Previously, officials with MAS Capital told the city they were unwilling to assume that debt.
As a result, after months of deliberation, the city council forgave the loan, allowing the sale to move ahead.
In exchange for the loan forgiveness, the city will obtain a $4 million federal grant originally awarded to Aeon by the U.S. Department of Housing and Urban Development.
