CBRE ARRANGES SALE OF SIX-BUILDING, 589-UNIT MULTIFAMILY PORTFOLIO
02 Jun 2021

Media Contact
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:
Crystal Bay | French Creek | Village Green | Winchester | Heritage Manor | Olympik Village | |
Address | 2301 Crystal Bay Ct SW
Rochester, MN 55902 |
2000 Chardonnay Ln NW
Rochester, MN 55901 |
1828 41st St NW
Rochester, MN 55901 |
3908 19th Ave NW
Rochester, MN 55901 |
2408 181/2 Ave NW
Rochester, MN 55901 |
402 31st St NE |
Units | 76 | 40 | 36 | 115 | 182 | 140 |
Built | 1996 | 1991 | 1970 | 1970 | 1962 | 1973 |
“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.”
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.