Real estate notebook: Star Tribune covers Aeon’s deal to preserve lower-cost apartments

Star Tribune names the buildings in the portfolio Aeon acquired to preserve their affordability.

A shortage of apartments and rising rents in the Twin Cities metro have made area apartment buildings a hot commodity among national investors who are often able to improve the buildings and increase rents. That is a threat to the already tight supply of rentals that are affordable to the lowest-wage families.

And that is why Twin Cities nonprofits are leading an effort to preserve what is called “naturally occurring affordable housing,” meaning rentals that are below market rate without subsidy of any kind.

The latest win for such apartments, dubbed NOAH, in the Twin Cities happened when the NOAH Impact Fund of Greater Minnesota Housing Fund (GMHF), Enterprise Community Investment Inc. and Aeon put together a $77 million purchase of 768 rental apartments in 10 properties.

Read the full story online at the Star Tribune.

Download NOAH Brochure

For more background about the NOAH Impact Fund, please download the NOAH Impact Fund Brochure (PDF).

Colorful banner image featuring the skyline that you might typically see in a small city or town in Greater Minnesota.

About the NOAH Impact Fund

The NOAH Impact Fund is a subsidiary of the Greater Minnesota Housing Fund. This program was established to enable the preservation of existing affordable housing for Minnesotans.

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Greater Minnesota Housing Fund

AERIS Rating 2+FHLB Des MoinesGMHF is AERIS rated and a member of The Federal Home Loan Bank of Des Moines.

 

Staff Contacts

Rachel Robinson
NOAH Impact Fund Manager
rrobinson@gmhf.com
651.221.1997 x114

Warren W. Hanson
President & CEO, GMHF, MEF & NOAH
whanson@gmhf.com
651.221.1997 x107

General Contact Info

NOAH Impact Fund
c/o Greater Minnesota Housing Fund
332 Minnesota Street
Suite 1201-East
Saint Paul, MN 55101