Lyra at Riverdale Station, a 180-unit, four-story apartment complex that serves as one of the main residential anchors of Coon Rapids’ Riverdale Station corridor, has changed hands. MLG Capital closed on the property in early February 2026, buying it from Sherman Associates for an undisclosed price. The move comes just weeks after MLG picked up the neighboring Aster apartments in December 2025, tightening the firm’s grip on the emerging transit-oriented hub.
Deal Structure And Players
JLL Capital Markets arranged the sale, lined up MLG Capital as the buyer and structured the acquisition financing around the assumption of the property’s existing HUD loan, according to JLL. The JLL team on the assignment was led by Managing Director Josh Talberg and Director Joseph Peris, who positioned Lyra as the counterpart to Aster within the larger Riverdale master development.
MLG Doubles Down On Riverdale
With Lyra now in the fold, MLG controls both of the corridor’s key multifamily anchors. The firm’s back-to-back buys of Lyra and Aster give it meaningful scale inside the Riverdale master plan, Finance & Commerce reported. Talberg told Finance & Commerce that the listings attracted multiple bids and that Lyra fills a “big need” for accessible, attainable luxury housing in the northwest suburbs. Having one owner across both properties could make it easier to roll out coordinated capital improvements, amenity upgrades and leasing strategies across the corridor.
Inside The Building And Amenities
Opened in 2020, Lyra offers 180 market-rate apartments across four stories, with layouts ranging from studios to three-bedroom homes. Sherman Associates’ project materials highlight in-unit smart-home technology, full-size washers and dryers, granite countertops and stainless-steel appliances. Residents also get a slate of shared perks, including an outdoor pool, golf simulator, fitness center, clubrooms and a private dog run. The developer’s materials peg the project’s estimated development value at about $41 million.
Financing Play And Market Context
According to JLL, the buyer’s assumption of the existing HUD loan, which JLL originally placed and now services, was a key piece of the capital stack. The broader Twin Cities multifamily market has stayed relatively tight, with vacancy hovering around 5 percent in recent reporting, according to MinneapoliMedia. That kind of supply-demand balance helps keep suburban, transit-adjacent communities like Lyra on investors’ shortlists.
What It Means For Coon Rapids
For Coon Rapids, the sale marks another step in the city’s long-running push to turn the Riverdale area from a big-box retail cluster into a more walkable, mixed-use district that connects transit, housing and shopping. With both Lyra and Aster now under one owner, MLG has the heft to coordinate how the properties are upgraded, branded and leased. That, in turn, could influence future rent levels, amenity investments and how the Riverdale district presents itself to commuters and would-be residents, Finance & Commerce reported.
