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Chicago & Midwest  + Midwest  + Apartments  | 
Crystal Bay apartments Rochester MN

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.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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