Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Cushman & Wakefield Brokers Sale of Fully Leased Rochester Apartments
Cushman & Wakefield has brokered the $7.27 million sale of Cascade Apartments, a 44-unit multifamily community in Rochester, Minnesota.
The firm’s Chris Collins, Lance Steiger, Evan Miller and Erin Salway represented the seller, Patina Management. The buyer was Black Swan Living. The property attracted eight competitive offers from buyers across Minnesota, Wisconsin and Illinois, as well as national investment groups and closed in an all-cash transaction.
Located at 957 Pendant Lane NW, Cascade Apartments is a 36,913-square-foot multifamily property completed in 2016. The community features a mix of studio, one-bedroom and two-bedroom apartments. At the time of sale, the property was fully occupied.
Situated approximately 10 minutes from Mayo Clinic, Cascade Apartments benefits from Rochester’s robust economic foundation, which is anchored by healthcare, technology and research employers. “Investors continue to be attracted to Rochester’s long-term fundamentals, driven by the presence of Mayo Clinic, a highly educated workforce and ongoing public and private investment throughout the market,” said Collins.
Stay ahead of the multifamily market at Connect Apartments. Gain firsthand insights from industry leaders on capital markets, development, operations, financing, and investment trends while expanding your network with the people making deals happen. See you on September 22!
