Aura & Altair Portfolio

JLL is pleased to present Aura and Altair Apartments — a rare 202-unit, luxury portfolio offering that delivers synergies between an ideal pairing of 55+ active adult (Aura) and conventional multi-housing (Altair). These class A communities were built to the highest quality standards, featuring premium home finishes and deluxe amenity packages. With their podium-built construction and high-barrier-to-entry nature, Aura and Altair represent a truly irreplaceable portfolio of assets in today's cost environment.

Both properties were completed in 2021, marking the first delivery of luxury residential communities to the city of Fridley in decades. A true active senior oasis for 55+ living, Aura (107 units) boasts an outsized amenity package underscored by its recreation haven including two outdoor patios, private walking trails, a private pickleball court, and an indoor swimming pool, plus best-in-class home finishes within spacious, open-concept floor plans. Similarly, Altair (95 units) offers a top-of-market community amenity set and sophisticated home interiors highlighted by its custom design finishes, high-quality features and components, and IOTAS Smart Home Package. The site represents an ideal location at the gateway between Minneapolis and the north suburbs, presenting unmatched access to employment, amenities, and the perfect blend of urban energy and quaint Fridley living.

The Aura/Altair portfolio presents investors with significant upside opportunity, well-supported by an undeniable rent growth runway coupled with 9+ years of remaining TIF stream, contributing $550k+ in annual income, cushioning the cash yield while the assets realize their full growth potential. Compelling demand tailwinds leveraged against a severely supply-constrained submarket offer investors growth fundamentals to generate outsized performance and returns in a core-profile community.

The portfolio is offered for sale by its original developer at a basis well below today's replacement cost and accompanied by the lucrative aforementioned TIF components. JLL invites qualified investors to pursue this rare class A portfolio opportunity, providing scale in one of the nation's best performing apartment markets.