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CBRE Closes Sale of Rochester, MN Portfolio
CBRE has completed the sale of a six-building, 589-unit multifamily portfolio in Rochester, MN. Centerspace sold the portfolio to Monarch Investment & Management Group. A sale price was not disclosed.
Keith Collins, Abe Appert, and Ted Abramson from CBRE Minneapolis Multifamily represented the seller, Premier Mahtomedi MN, LLC. The properties in the portfolio range in age from 1962 to 1996 and range in size from 40 to 182 units.
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%.
“This transaction was further proof that interest in the Rochester market remains extremely strong, attracting 14 initial bids,” said Abramson. “The connection to the Mayo Clinic’s world class hospital and the greater MSA generated significant interest.”
- ◦Sale/Acquisition


