Brooklyn Park To Review Potential Sale Of Huntington Place Apartments

Brooklyn Park To Review Potential Sale Of Huntington Place Apartments

One of the largest apartment complexes in the state, Huntington Place Apartments, is in the final stages of being sold, Brooklyn Park city documents revealed this week.

The nonprofit owner of the complex, Aeon, said it has found an undisclosed buyer of the property — only revealed as a for-profit investment company from out of state — the documents showed.

CCX News has shared the struggles tenants at Huntington Place have experienced over the years, including crime and livability concerns.

Close to 3,000 people live in the complex, a larger population than the nearby city of Osseo. It’s the second largest apartment complex in the state, behind only Riverside Plaza in Minneapolis.

Catch to Potential Sale

Documents provided to the city’s Economic Development Authority (EDA) noted a big catch to a potential sale.

Aeon owes the EDA nearly $4 million in an unpaid loan. The company needs the debt to be forgiven for the sale go through, the documents noted, as the new owner would not take on any debt.

The loan was approved by the city’s EDA in 2020 to help with property and security improvements.

Another stipulation to a potential sale is the new owner would assume a covenant requiring the property be kept affordable housing. That stipulation is considered key to the region’s inventory of affordable housing.

Discussions between Aeon and city staff stated in the documents that “Aeon will remain as a limited partner for two years post sale to aid in a smooth transition and to invest remaining subsidies towards further improvements.”

The potential new owner would also “make some property improvements.”

The city’s Economic Development Authority plans to discuss the potential sale at its Oct. 21 meeting.

A decision on whether to allow the sale isn’t expected until November at the earliest.

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SOURCE: CCX MEDIA