CBRE ARRANGES SALE OF SIX-BUILDING, 589-UNIT MULTIFAMILY PORTFOLIO

Rochester, MN – June 2, 2021 – CBRE has completed the sale of a six-building, 589-unit multifamily portfolio in Rochester, Minnesota. Centerspace sold the portfolio to Monarch Investment & Management Group in a transaction that closed May 26th. A sale price was not disclosed.

Keith Collins, Abe Appert, and Ted Abramson from CBRE Minneapolis Multifamily represented the seller, Premier Mahtomedi MN, LLC, in the transaction.

The properties involved in the transaction are as follows:

“This transaction was further proof that interest in the Rochester market remains extremely strong, attracting 14 initial bids. The connection to the Mayo Clinic’s world class hospital and the greater MSA generated significant interest,” said Abramson. “This was a unique, diverse portfolio, offering both older vintage value-add assets in addition to newer townhome product with individual entrances. We continue to see strong demand for secondary Minnesota markets from both local and national buyers focused on a little bit better yield.”