Aeon Aims to Preserve 834 Units

Jan 20, 2020 Property News

Nonprofit affordable housing developer Aeon has set its sights on its largest preservation purchase yet: the 834-unit Huntington Place apartments in Brooklyn Park.

The six-building complex, built in 1969, consists entirely of one-bedroom units and for the past 24 years had been owned by Plymouth-based Dominium or by its founding partners. But now Aeon holds the property under contract, according to city documents, and is moving toward closing by the end of January. During Tuesday’s City Council meeting, the city’s Economic Development Authority will consider a proposed $5 million loan to support the purchase and planned safety and security upgrades at Huntington Place.

Aeon declined to comment prior to closing, but Brooklyn Park Mayor Jeff Lunde said the proposed deal offers two big advantages from the city’s perspective: preserving affordability and reducing safety complaints from residents and neighbors.