MINNEAPOLIMEDIA NEWS | MLG Capital Acquires 180-Unit Lyra Apartments in Coon Rapids, Expanding Twin Cities Multifamily Portfolio

COON RAPIDS, MN (May 2026) MLG Capital has acquired Lyra at Riverdale Station, a 180-unit apartment community in Coon Rapids, in a transaction that reflects continued investor demand for stabilized suburban multifamily assets in the Minneapolis–Saint Paul region.

The sale of the property, located at 3120 Northdale Boulevard NW, was brokered by JLL Capital Markets, which represented the seller, Sherman Associates, and procured MLG Capital as the buyer. The deal was announced in late April 2026.

Transaction and Financing Structure

Lyra at Riverdale Station, completed in 2020, is a four-story Class A apartment community that was described by market participants as a well-leased, stabilized asset at the time of sale.

Public records indicate the property traded for approximately $42.75 million, or about $237,500 per unit. The acquisition was structured through the assumption of an existing U.S. Department of Housing and Urban Development-backed loan, a financing mechanism that has gained traction in a higher interest rate environment.

JLL’s investment sales team, including Managing Director Josh Talberg and Director Joseph Peris, led the transaction.

Property Profile and Amenities

The development consists of 180 units ranging from studio apartments to three-bedroom homes, with unit sizes spanning approximately 572 to nearly 1,450 square feet.

Interior features include open-concept layouts, granite countertops, stainless steel appliances, and in-unit washers and dryers. The property also includes a range of shared amenities, including a fitness and yoga studio, a club room, a golf simulator, and a two-story lobby with a fireplace.

Outdoor amenities include a pool deck with grilling stations and fire pits, along with a designated dog run.

Transit-Oriented Location

Lyra is positioned within the Riverdale Station corridor, a mixed-use development designed to integrate residential housing with retail and transit access. The property is located adjacent to the Riverdale Transit Station on the Northstar Commuter Rail line, providing direct rail connectivity to downtown Minneapolis.

The site is also within walking distance of Riverdale Commons, a regional retail and dining hub, reinforcing its positioning as a transit-oriented suburban development.

Strategic Context and Portfolio Expansion

The acquisition builds on MLG Capital’s expanding presence in the Twin Cities market. The firm previously acquired Aster, a neighboring apartment property within the same Riverdale Station development, in late 2025. Together, the two properties form a dual-asset concentration within the corridor.

MLG Capital has continued to grow its national portfolio through recent activity tied to its MLG Private Fund VII and MLG Legacy Fund platforms, with a focus on stabilized, high-quality multifamily assets.

Market Context

According to JLL, the sale of Lyra reflects sustained institutional interest in the Twin Cities multifamily sector, particularly in suburban submarkets with strong long-term fundamentals.

The northwest metro area, including Coon Rapids, has drawn increased attention from investors due to its access to transportation infrastructure, proximity to employment centers, and demand for newer, amenity-rich rental housing.

Industry participants note that firms such as MLG Capital typically pursue a light value-add strategy, focusing on incremental interior upgrades and amenity enhancements to maintain competitive positioning in established properties.

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