Sherman Associates Hosts the Grand Opening of Riverdale Station Phase 3 in Coon Rapids

{COON RAPIDS, MINN., August 21, 2023}—Sherman Associates and the City of Coon Rapids along with development partners, residents, neighbors, and prospects celebrated the grand opening of Aster, a 192-unit luxury multifamily property at 3130 Northdale Boulevard in Coon Rapids.

Aster is part of Sherman’s multiphase development located adjacent to Riverdale Transit Station on the Northstar commuter rail, offering direct access to downtown Minneapolis, at the site of one of the most significant redevelopment opportunities in the City of Coon Rapids and along the entire commuter rail line.

Aster, a $44 million development, joins Lyra, a 180-unit luxury development that opened in 2020, and Nova, a 71-unit mixed-income development that opened in 2019. Nova consists of 20% market-rate units and 80% affordable units, including LIHTC at 50% AMI, GHR Long Term Homeless, and 811 Supportive Housing.

“Growing up in Coon Rapids, I watched the broader Riverdale area transform from vacant land to a regional destination, with Sherman pioneering the first new luxury housing product in the city in decades,” said Trevor Martinez, Senior Developer at Sherman Associates. “I am proud to complete this project on time, on budget, and nearly 60% leased in under six months despite headwinds caused by the supply chain and financing challenges of today’s market.”

Homes at Aster range from 645 SF to 1490 SF and include alcove, 1-bed, 1-bed + den, 2-bed, and 3-bedroom floor plans. Every home at Aster features STRATIS Smart Home Technology, quartz countertops, tile backsplashes in kitchens, wood-look LVP flooring, upgraded closet systems, stainless steel appliances, and GE© in-home washer and dryer.

Building amenities include two outdoor patios with grilling stations, a pool and hot tub, lounge with full kitchen and fireplace, coworking lounge with work from home suites, sports simulator lounge, game room, 24-hour fitness center with Fitness on Demand virtual classes, sauna, bike storage, private resident storage, underground parking, private dog run, and pet spa.

This transit-oriented, mixed-income development speaks to the environmental sustainability and social impact components of Sherman’s ESG Commitment. Aster, Lyra, and Nova provide high-quality, long-term, mixed-income housing to the residents of Coon Rapids. The location in proximity to the commuter rail provides residents with convenient access to mass transit. Energy usage for Aster is partially offset by energy production from a solar garden located in Washington County.

The project was financed by a bank group led by Minnwest Bank. Kaas Wilson Architects was the architect and Eagle Building Company was the general contractor.

Sherman has plans for a fourth phase at Riverdale Station that include an active senior (55+) apartment building as well as a small freestanding build-to-suit commercial pad.

Aster opened in April and is leasing ahead of schedule at 58% leased.

Learn more about Aster here: https://astercoonrapids.com/.

Backgrounder:

Sherman Associates

Sherman Associates is a growing commercial real estate development and management firm based in Minneapolis with properties throughout the Midwest, Colorado, and Florida. Sherman develops, owns, and operates its assets with a long-term vision to build neighborhoods, enrich communities, and empower people.

Sherman Associates has developed over 12,000 multifamily units and currently owns and manages over 7,000 multifamily rental units (affordable and market-rate). Sherman also owns and manages over 660,000 square feet of commercial space, five hotels, four Starbucks, three restaurants, and two solar gardens. Stay connected with Sherman on LinkedIn, Instagram, Facebook, and Twitter.