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 NOAH Impact Fund

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


Learn More


Greater Minnesota Housing Fund

GMHF is AERIS rated and a member of the  
Federal Home Loan Bank of Des Moines.


Staff Contacts

John Errigo
Director of Investing & Fund Manager

General Contact Info

NOAH Impact Fund
c/o Greater Minnesota Housing Fund
332 Minnesota Street
Suite 1650-West
Saint Paul, MN 55101