Timberland Partners Pays $39M for Minnesota Apartments
- Nov 05, 2020
Timberland Partners has finalized the acquisition of Preserve on Maine, a 205-unit upscale community in Rochester, Minn. Harbor Bay Real Estate Advisors sold the property. The asset traded for $38.5 million, Olmstead County records show. The deal represents the largest real estate transaction in the city this year, according to Post Bulletin.
Located on 4 acres at 4010 Maine Ave. SE., the community encompasses two three-story buildings completed in 2017. The unit mix has one- to three-bedroom floorplans between 569 and 1,364 square feet. The amenity package includes a gym, outdoor heated swimming pool, movie theater and outdoor picnic area with grilling stations.
The community offers a complimentary shuttle service which runs 12 times per day during weekdays, linking residents to the Mayo Clinic, 5 miles to the north. Situated close to U.S. Highway 63, the property is 6 miles southeast of downtown Rochester.
CBRE Senior Vice President Ted Abramson and Executive Vice Presidents Keith Collins and Abe Appert negotiated on behalf of the seller. In September, the same team assisted Everwood Co. in the disposition of Grain Belt Apartments, a 150-unit luxury community in Minneapolis.