Type: New Construction
Role: Developer, Owner, Manager
Building Space: 73 Income-Restricted Units

Project Value: $21.5 Million
Financing: Cedar Rapids Bank & Trust, LIHTC, TIF, City of Fridley
Location: Fridley, MN
February 2022
Year Completed


Ursa delivers 73 income-restricted apartment homes to Fridley, Minnesota.

Ursa is part of Sherman Associates’ new construction, mixed-income, transit-oriented development in Fridley. Ursa is located adjacent to Altair, a community of 95 luxury apartment homes, and Aura, an active 55+ community of 107 luxury apartment homes.

This four-story development consists of 73 residential units and one level of underground parking. A variety of floor plans are available in 1-bedroom, 2-bedroom, and 3-bedroom units.

All units are open concept and include large windows with natural light, kitchen island, balcony or patio, and in-home washer and dryer. Building amenities include club room with billiards table, fully-equiped kitchen, multiple lounge areas, group dining and flexible workspace, 24-hour fitness center, outdoor patio, outdoor tot lot, private off-leash community dog park, electronic Package Concierge and private resident storage.

Fridley offers a unique combination of urban excitement and small-town friendliness. In fact, many locals refer to the persona of Fridley as ‘Friendly Fridley.’ A transit-oriented development located adjacent to Fridley Station on the Northstar Commuter Rail, Ursa offers direct access to Downtown Minneapolis just one stop away from Target Field Station (15 minutes).

Fridley is a first-tier suburb located in Anoka County, 7.1 miles north of downtown Minneapolis. Fridley connects with Minneapolis at its southern border and the Mississippi River runs North/South along its Western border.

Energy usage for Ursa is partially offset by energy production from a solar garden located in Washington County.