Portfolio Partner Profile
Since 1986, Aeon has worked to serve the growing number of people in the Twin Cities who struggle to afford housing. Today, Aeon owns and manages 4,369 affordable apartments in the seven-county metro area of the Twin Cities. Aeon is home to approximately 9,000 residents each year.
Driven to do more each year, Aeon is leading the fight to preserve affordability in our strong real estate market. In just the last few years, Aeon has created and preserved nearly 1,800 affordable homes in the Twin Cities region. Aeon is a leader in preserving “naturally occurring affordable housing” or NOAH, an effort focused on preventing displacement of low-income residents and securing affordable homes for the future. This work is not supported by traditional affordable housing funding, so Aeon has worked to evolve our development strategies. We are leveraging non-traditional and out-of-state funding, attracting deeper engagement from a larger number of partners, and significantly scaling our organizational capacities. In the coming years, we will continue to act boldly to meet the call of our community and are already preparing to serve thousands of additional residents through acquisitions and new developments in the coming years.
Aeon believes that the stability of a safe and secure home strengthens lives, communities and the region. We’re committed to growing our impact each year through bold housing development, targeted resident supports, and strong property management.
Featured Impact Story
Amidst setbacks, CJ didn’t have time to dwell on her situation
For CJ, finding home was a constant struggle. In a span of only four years, she and her two sons lost their home twice. The buildings they lived in were sold. Each time, CJ had just a month or two to find a new place to live. Later, slumlords and an abusive relationship created havoc for her family again.
Although these setbacks felt immense, CJ didn’t have time to dwell on her situation. She had to be strong and find a new home. CJ found a home at Aeon’s Maryland Apartments. Ultimately, that meant you helped her find sanctuary and peace. Today, CJ says she is truly happy.
“When I was shown my apartment at The Maryland, I cried. I thought, ‘I have a home now. No one will take it away from me.’”
Partnering to create safe, stable and affordable homes
Providing affordable housing can be a special development project because of the community support that goes into it and the needs of the neighbors it serves. Without communities embracing affordable homes, many of Aeon’s neighbors would struggle to find a stable place to live. Community support can come from individuals, local governments, banks and business partners who go above and beyond their traditional scope of work — like Frerichs Construction. Frerichs has partnered with Aeon to create safe, stable and affordable homes in the Twin Cities area for nearly 15 years. Together, they celebrated the successful completion of the Minneapolis Preservation Portfolio Project (MP3) in 2016. The MP3 project consisted of 10 different buildings, most of which are in Minneapolis’s Elliot Park.
Over 590 residents live across the 10 different MP3 buildings, their total average income being only $13,819 per year. 75 of the individuals living in MP3 buildings have experienced homelessness. Some have been trying to find safe and stable housing for years; others have dealt with disreputable slumlords and barely livable apartments in the past. But Frerichs has helped Aeon to provide these people with a home. Furthermore, Frerichs sponsors Aeon’s annual fundraising breakfast, Beyond Bricks & Mortar, and consistently fills tables at the event with new donors. The company has contributed over half a million dollars to Aeon’s mission. Aeon and Frerichs have collaborated to make affordable housing and a sense of community possible for those in need.