Lyra & Aster Portfolio

Jones Lang LaSalle Americas, Inc. (“JLL”), a licensed real estate broker, is pleased to present Lyra at Riverdale Station and Aster Apartments, a rare portfolio offering consisting of 372 luxury homes situated in a walkable urban-suburban location in Coon Rapids, MN, within the thriving north metro submarket of the Twin Cities. Built to the highest-quality standards, this high-barrier-to-entry asset and location feature premier finishes, a trophy amenity package, and podium built construction at rents impossible to replicate in today's construction cost environment.

Lyra (180 units), completed in 2020, was the first market rate project delivered to the city in over a decade and offers a variety of sought-after floor plans from large studios to three-bedroom homes, boasting an expansive average unit size of 962 SF. Aster (192 units) was developed directly north in 2023, and similarly, features a variety of studios to three-bedroom homes with a spacious average unit size of 896 SF. Both communities present its residents with best-in-market, attainable luxury living with adjacent proximity to a premium retail node and easy access to employment. The site boasts a highly-connected location via major U.S. Highways 10 and 169, plus a Metro Transit Northstar Line stop bordering the site to the south, providing a dynamic commuting option.

The broader north metro’s high quality of life, strong schools, and employment drivers have resulted in consistent population growth as well as investment and development in the region. The area's durable demand drivers, coupled with zero impending supply, position this investment to deliver investors unmatched pricing power and insulation from competition on the go-forward.

While Aster is presented on a free and clear basis, investors have the opportunity to benefit from yesterday's rates on Lyra with its accretive in-place HUD financing. The portfolio is offered for sale by it's original developer, and at a basis well below today's replacement cost. JLL invites offers from qualified investors who are interested in the prestigious opportunity.