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

02 Jun 2021

Rochester MF Portfolio French Creek Website

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
Rochester, MN 55906

 Units  76 40 36 115 182 140
 Built  1996 1991 1970 1970 1962 1973

 

Three of the buildings (Crystal Bay, French Creek, and Village Green) are townhomes and comprise of 437 units and the remaining three properties (Winchester, Heritage Manor, and Olympik Village) are Townhome Rental communities. Average occupancy across the portfolio is 95 percent.


“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.”

About CBRE Group, Inc.
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.