Sep. 28—A Med City apartment complex sold for $34 million last week as an Illinois firm adds its Rochester portfolio with the second-largest real estate deal of 2021.
Regency Multifamily, under the name of Regency Red44 LLC, purchased the five-year-old Red44 apartment building at 839 16th St. SW on Sept. 22. It paid a down payment of $700,00 at the closing. The 180,000-square-foot complex houses 159 units.
It was created as a "luxury living" property to anchor the Mayowood Commons, which was developed by North Rock Real Estate. Mayowood Commons also includes a Home2 Suites by Hilton hotel, a stand-alone Panera Bread and a retail center anchored by Buffalo Wild Wings.
Olmsted County estimated the total market value of Red44 at $23.88 million for 2021-2022, which is down from $24.25 million for the previous year.
Mayowood Commons, LLC of Minnetonka, Minn., sold the complex, which was developed for $30 million in 2015-2016 by Minneapolis-based CPM Cos. and Roers Investments LLC of Long Lake, Minn.
This doubles Regency's footprint in Rochester. It also owns The Pines, a 384-unit apartment complex.
"We have been eager to grow in the Rochester market since our purchase of The Pines in 2018. Red44 is an excellent fit for our portfolio," stated Regency Multifamily President and CEO Teresa Kelnhofer in an announcement of the deal.
This deal is the second-largest real estate acquisition in Rochester this year.
The No. 1 slot belongs to Timberland Partners Investments' $43 million purchase of the 228-unit Vista at South Broadway at 560 28th St SE.
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