Real estate company adds Rochester condominium community to portfolio with $2.77m deal – Reuters
ROCHESTER — A local company generally known for building housing complexes and hotels has added a collection of 28 condominium apartments in northwest Rochester with a $2.77 million transaction.
North Rock Real Estatea company run by Jeff Brown Jr., mike zirbes and Colin Nash with offices in Rochester and Excelsior, Minnesota, purchased the property at 1901 26th Ave. NW on February 1. Housing is grouped along 26th Avenue.
“We really like the location in NW Rochester – being near the BECAUSE, West Circle Drive, Highway 52 and with excellent schools, churches and other community features nearby. The units themselves are very well appointed, have been well maintained and have enjoyed historically high occupancy,” Brown wrote of the purchase. “All of these factors drew us to this deal.”
The Strauss groupdirected by Thomas Strausssold the condos she had owned for 20 years.
Brown said North Rock will manage the property as west willow apartment Houses.
North Rock has been very active in Rochester in recent years. He developed the Mayowood Townships area anchored by the Home2 Suites by Hilton hotel and the Red44 apartments. It also grew and owned a partial stake in Mayowood Waters Senior Living Community, which recently sold for $67.3 million, including $7.30 million to North Rock.
He also developed an office/retail center as well as new apartment complexes in Rochester.
“North Rock has a lot of experience in the apartment world, but in Rochester more recently it has largely involved grassroots development projects like river walk,
and others,” Brown wrote. “While this apartment complex is an acquisition of an existing complex and not a development, it really was born out of the same mentality of constantly trying to identify growth opportunities for our stakeholders.”
Jeff Kiger tracks business activity in Rochester and southeastern Minnesota every day in “Heard on the Street.” Send advice to
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