Nonprofit developer buys 74-unit property in Maplewood to preserve affordability

Aeon, a Minnesota nonprofit owner, developer and manager of affordable housing, recently purchased a 74-unit apartment building in Maplewood. This move will keep residents in Cobblestone Court Apartments at or below 60 percent of the medium income in their area.
Despite a recent report that housing sales in the Twin Cities were still up despite the pandemic, the Twin Cities has long struggled with housing insecurity.
“Preserving affordable homes is more economical and faster than building new affordable homes,” said Sarah Harris, executive vice president of Strategy, Partnerships and Production at Aeon, in a statement. “Having a home is core to our community’s health and stability now more than ever. We are pleased to be helping 74 families remain in homes they can afford.”
Properties like Cobblestone Court are called naturally occurring affordable homes, meaning if they are not bought by organizations like Aeon, the property could be acquired by someone interested in increasing the rent of tenants, which could displace hundreds.
Aeon has acquired over 3,000 older apartment buildings since 2017 in an effort to keep rents more affordable, the company said in a statement.
Equity for the acquisition was provided by Sunrise Banks, the Minneapolis Foundation, the Saint Paul & Minnesota Foundation and the Frey Foundation. Others also include the City of Maplewood, Ramsey County, NorthMarq and Freddie Mac.Related Articles

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