CBRE Investment Management has acquired a luxury multifamily community called The Berkman, located 1 mile from the Mayo Clinic in Rochester, Minn. The 330-unit, Class A property sale was closed by Kayne Anderson Real Estate, the real estate private equity arm of Kayne Anderson Capital Advisors L.P. and Alatus LLC. CBRE made the investment on behalf of one of its separate account clients.
Situated at 217 14th Ave. SW in an area of Rochester called “Pill Hill,” The Berkman features a mix of apartment layouts that includes studios and one- through three-bedroom units. Apartments feature 9-foot ceilings, oversized windows, stainless steel appliances, quartz countertops and full-size washers and dryers. A fireplace-equipped television lounge is among the common-area amenities.
The Berkman stands across the street from the Mayo Clinic Saint Marys Campus, the largest intensive care unit in the U.S. It is less than 1 mile from the Mayo Clinic’s downtown campus.
A three-minute drive will take The Berkman residents to downtown Rochester and its retailers, salons, dining, breweries and job centers. The Apache Mall is a five-minute drive from The Berkman. Rochester International Airport is a 10-minute drive from the property, and the Twin Cities of Minneapolis and St. Paul are just over an hour away.
In a statement, Kayne Anderson Real Estate officials noted the company, along with Alatus, made significant investments in the property that provided environmental and social benefits to the property and its surrounding community.
These included installations of efficient electric heat pump technology, as well as low-flow plumbing fixtures generate water usage efficiencies of more than 60 percent vis-à-vis standard plumbing fixtures. Earlier this month, a CBRE survey found the senior housing sector continuing to recover.