You should have at least SQL Server Express 2016 and .NET 4.5.2+
\lib\net452 - contains all the binaries along with other referenced libraries
\content - contains samples, mdf files, etc.

Please note that aarbac does not require SQL Server 2016, as my local development environment is on SQL Server 2016, hence the MDFs are. 
Check out wiki to see how you can start fresh by creating new aarbac database,