Rochester residential portfolio brings in $ 49m – finance & commerce


Colorado-based Monarch Investment and Management Group paid $ 49.275 million for a residential portfolio in Rochester in late May, according to recently released electronic real estate value certificates.

Centerspace LP, which listed a Minneapolis address, sold all five properties containing a total of 445 residential units located in Rochester. The sales were financed by new mortgages, according to eCRV.

Monarch bought the 72 Crystal Bay Townhomes units for $ 13.65 million, which works out to about $ 189,583 per unit. It has two and three bedroom townhouses located along Crystal Bay Court SW., According to Olmsted County real estate records.

The townhouse complex sits directly east of County Road 8 Southwest and south of Salem Road Southwest. The John Withers Sports Complex and Lake George are neighbors to the east, and the Apache Mall is over a mile to the northeast.

The 115 Winchester Apartments, located at 3908 19th Ave. NW, were purchased for $ 9.5 million. This property includes one- and two-bedroom apartments, and two- and three-bedroom townhouses, located north of 37th Street Northwest and east of US Freeway 63. This deal comes down to a bit less than $ 82,609 per unit, according to an eCRV.

Monarch’s recent acquisition also included Village Green Townhouses, which have 36 units sold for $ 5.3 million. Village Green is located at 1828 41st St. NW, directly north of the Winchester Apartments. This deal is worth about $ 147,222 per unit, according to the eCRV.

French Creek townhouses were sold for $ 6.7 million. Located at 2000 Chardonnay Lane NW, the resort has 40 units across US Highway 63 from Woodside Park. That deal costs $ 167,500 per unit, according to the eCRV.

The 182 Heritage Manor Apartments were also purchased for $ 14.125 million by Monarch. This apartment complex is located at 2408 18½ Ave. NW, which sits directly west of US Highway 63. The deal is nearly $ 77,610 per unit, according to eCRV information.

Monarch is based in Franktown, Colorado, and owns and manages numerous properties in Rochester. These include The Gates of Rochester, Winchester and Village Green, French Creek, Olympik Village and Heritage Manor, according to the Monarch website.

Centerspace is headquartered in Minot, North Dakota, and was previously known as IRET. Like Monarch, he owns an extensive portfolio of residential properties in Rochester, including Quarry Ridge Apartments, GrandeVille at Cascade Lake, Sunset Trail Apartment Homes, Woodridge Apartments, Avalon Cove Townhomes, and Cascade Shores Townhomes, according to his website.

By comparison, Rochester’s 100-unit Georgetowne Homes townhouse complex sold for $ 12.35 million to a Colorado-based affordable housing entity in April. The purchase of the complex by Clark Capital Affordable Housing Income Fund was $ 123,500 per unit, and this was the fund’s first acquisition in Minnesota, Finance & Commerce reported.

At the end of last year, another Rochester townhouse complex was sold. An entity related to the Eden Prairie-based Interstate development spent nearly $ 9.4 million on 59 units in Portage townhouses. The price was $ 159,254 per unit, according to Finance and commerce.


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