The real estate company adds a residential development in Rochester to its portfolio in a $2.77 million deal
Feb. 16 — ROCHESTER — A local company normally known for building condominiums and hotels has added a collection of 28 condos in northwest Rochester in a $2.77 million transaction.
North Rock Real Estate, a company led by Jeff Brown Jr., Mike Zirbes and Colin Nash with offices in Rochester and Excelsior, Minnesota, acquired the property at 26th Ave. NW 1901 on February 1st. The residential units are located along 26th Street Avenue.
“We really like the location in NW Rochester – close to the RAC, West Circle Drive, Hwy 52 and with great schools, churches and other community elements nearby. The units themselves are very nicely appointed, have been well maintained and have a strong history of occupancy,” Brown wrote of the purchase. “All of these factors drew us to this deal.”
The Strauss Group, led by Thomas Strauss, sold the condominiums it had owned for 20 years.
Brown said North Rock will manage the property under the West Willow Apartment Homes name.
North Rock has been very active in Rochester in recent years. It developed the Mayowood Commons area, which anchors the Home2 Suites by Hilton Hotel and Red44 Apartments. It also developed and partially owned The Waters on Mayowood senior living community,
which recently sold
for $67.3 million, of which $7.30 million will go to North Rock.
It has also evolved
an office/business center
and new apartment complexes in Rochester.
“North Rock has a lot of experience in the housing world, but in Rochester recently it has been associated with ground-up development projects like Riverwalk,
The Hue
and others,” Brown wrote. “Although this apartment complex was an acquisition of an existing complex and not a development, it really came from the same mentality of constantly trying to identify growth opportunities for our stakeholders.”
Jeff Kiger follows daily business in Rochester and Southeast Minnesota on “Heard on the Street.” Send tips to
or via Twitter
@whereskiger
. You can call him at 507-285-7798.
Comments are closed.