Aeon Acquisition of Seasons Park Apartments is a Win for Affordable Housing in the Metro
Minneapolis – May 3, 2017 – Aeon, nonprofit developer, owner and manager of affordable housing in the Twin Cities, has reached an agreement to acquire Seasons Park Apartments in Richfield, MN, from Forum Real Estate Group, a full-service real estate investment firm based in Denver. The sale will preserve 422 units of affordable housing in a community that has seen significant increases in rents in recent years.
“Affordable housing in suburbs is disappearing and more families are facing significant challenges finding a safe, affordable place to live and work,” says Alan Arthur, President and CEO of Aeon. “Aeon made the decision to aggressively pursue Seasons Park Apartments to try to stem the tide of affordable housing being gobbled up and converted into high-rent apartments out of reach for the average family.”
The Twin Cities is in an apartment construction boom, but just 10 percent of the new units will be available for low-income renters. Existing affordable housing stock is also being purchased and renovated into higher rent housing. In 2016, there were only 1,050 new units of affordable housing units created in the entirety of Minnesota. Aeon’s move to protect the affordability of Seasons Park helps keep Minnesota from sliding backward in the effort to make Minnesota housing more affordable.
“Aeon’s goal is to provide affordable homes so that communities can truly thrive. We know that having safe, affordable housing means parents can work, children can succeed in school and families can prosper,” Arthur added. “Our commitment to the families of Seasons Park and the city of Richfield is that Aeon will be a long-term partner in building a strong community grounded in affordable homes.”
“We are excited to be working with Aeon on this transaction, which serves as a success story for how the private sector, public sector and non-profit organizations can partner to support their local communities,” remarked Brian Shuman, Chief Financial Officer at Forum. “We consider this transaction a win for everyone involved.”
Since 2000, the number of Minnesotans considered cost-burdened by housing increased 69 percent; an individual spending more than 30 percent of their income on housing is considered cost-burdened. The impact on working families and communities has been profound; in some cases, the shift away from affordable housing has led to decreased school enrollments and challenges for local governments.
Richfield Superintendent, Steven Unowsky, said of the acquisition, “Richfield Public Schools inspires and empowers each individual to learn, grow and excel. We know that stable, safe housing for our students and families is vital in achieving this mission. We support community investments that ensure our students and families have safe, stable housing.”
Aeon is a responsive nonprofit developer, owner and manager of high-quality affordable apartments and townhomes which serve more than 5,000 people annually in the Twin Cities area. For more than 30 years, Aeon has been committed to helping people create a home in a safe, secure environment and connect to the community around them. We believe that Home changes everything. For more information, visit aeonmn.orgor follow us on Twitter and Facebook.
About Forum Real Estate Group
Forum Real Estate Group is a full-service real estate investment firm based in Denver, Colorado. Known for its forward-thinking, branded communities, Forum has invested in 40 properties – over 8,900 units – across the country and developed such sought-after communities as Solhaus and Solhaus Tower, boutique apartments near the University of Minnesota campus; Pearl Place, a new LEED-Gold rated office complex that will be home to Google’s new office campus in Boulder, CO; and, Promenade at Castle Rock, a modern shopping experience blending national retailers, natural grocers and numerous eateries. The company has broken ground on a new luxury development in Golden Valley, MN, Talo, which is slated to open in Spring 2018. For more information on Forum, visit www.forumre.com.