After facilitating a $46.7 million sale of Velo Apartment Homes in Denver, CBRE has secured the sale of The Gates of Rochester, a 413-unit community in Rochester, Minn. Keith Collins, Abe Appert, Ted Abramson and Ike Hoffman of the company’s Minneapolis office were part of the team that represented the seller, Rochester Village Investors LLC. Monarch Investment & Management Group LLC acquired the asset.
Located at 2015 NW 41st, the community sits on approximately 22 acres, on the northeast corner of Highway 52 and 41st. Various dining, shopping and entertainment venues such as Best Buy, Target, Starbucks, Applebee’s Grill + Bar, Woodside Park and The Home Depot are close to the property. Additionally, Mayo Clinic, IBM’s Rochester campus and the Rochester International Airport are nearby.
Built in 1973, the 42-building community features a mix of apartments and townhome-style living totaling more than 423,000 square feet. In unit amenities include hardwood floors, air conditioning, Wi-Fi, dishwasher and stainless-steel appliances. Common-area amenities include a swimming pool, a fitness center and a playground.
Image via Google Street View
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