JLL Capital Markets Completes Sale of 202-Unit Aura and Altair Apartments in Fridley, Minnesota

JLL Capital Markets announced Nov. 9 that it has completed the sale of Aura and Altair Apartments, a 202-unit Class A multifamily portfolio in Fridley, Minnesota, a suburb of Minneapolis. JLL represented the seller in the transaction.

JLL Capital Markets Arranges Fridley Portfolio Sale

The portfolio comprises two properties delivered in 2021: Aura, a 107-unit active adult (55+) community, and Altair, a 95-unit conventional multifamily property. The properties are 95% occupied, according to JLL.

JLL's Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Director Josh Talberg, Director Joseph Peris and Associate Elijah Smith, the firm said.

Property Details: Aura and Altair Apartments

Aura is located at 6000 Main St. NE in Fridley and contains 107 units across 152,823 square feet. Its floor plans range from 656 to 1,068 square feet. Altair is located at 6060 Main St. NE and contains 95 units, with floor plans ranging from 443 to 1,030 square feet.

JLL described both communities as fully union-built, podium-constructed assets featuring premium home finishes and amenity packages. The firm characterized the portfolio as a pairing of 55+ active adult and conventional product in an urban-suburban location between the north suburbs and Minneapolis, with connectivity to major roads and transit and access to Twin Cities employment.

"Aura and Altair's 100%-union-built quality, coupled with its prime location in Fridley, make it an irreplaceable investment opportunity in the North metro submarket," said Talberg. "Anchored by Medtronic's World Headquarters, the surrounding area has distinguished itself as one of the nation's most concentrated med-tech and life sciences employment corridors."

Minneapolis Multifamily Market Context

The sale comes as the Minneapolis multifamily market remains relatively tight while absorption has slowed. Vacancy stood at 4.2% in the third quarter of 2026, and average rent reached $1,716, up 3.2% year over year to a record. Trailing-12-month absorption totaled 2,212 units, down from 10,291 units a year earlier.

Minneapolis multifamily cap rates averaged 6.20% in the third quarter of 2026, declining for seven consecutive quarters, while pricing averaged approximately $166,000 per unit.

About JLL Capital Markets

JLL Capital Markets provides capital solutions for real estate investors and occupiers, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity and fund placement, net lease, derivative advisory and energy and infrastructure advisory. The group has more than 3,000 specialists worldwide with offices in nearly 50 countries. JLL (NYSE: JLL) reported annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of approximately 112,000 as of Sept. 30, 2026.

Sources

JLL newsroom: https://www.jll.com/en-us/newsroom/jll-arranged-the-sale-of-aura-and-altair-apartments