Feb. 17 – ROCHESTER – In Rochester’s third real estate transaction to top $30 million so far in 2022, a

Shops in Maine

The housing community was recently sold for $35.34 million, opening the door to a second phase of development.

SoRoc on Maine, a 186-unit garden community with buildings along Maine Avenue Southeast, was purchased Feb. 15 by Maine-based

Northland

one of the largest owners of multi-family properties in the United States

Northland describes itself as “a real estate private equity firm with $7 billion in assets under management, including more than 26,000 residential units and 2.1 million square feet of retail space, and a development pipeline of 3 billions of dollars”. This appears to be his first investment in Minnesota.

“At SoRoc, we have secured the highest quality suburban apartment community in the city, and with rents still very affordable at less than 20% of median household income,” said Associate Vice President of Northland Acquisitions Mike Campbell when announcing the deal.

SocRoc was built as Maine Heights in 2016 by North Dakota-based Rubicon Capital LLC.

The sale involved four transactions of $21.29 million, $6.12 million, $5.45 million and $2.47 million. Sellers included Maine Heights LLC in Edina, Minnesota; Timothy and Virginia Muir of Edina; Dean and Terrilyn Braasch of Edina and Boston, Northridge Assets, LLC.

This agreement opens the door for Northland to expand the development.

“…With a second phase ready to kick off, Northland has an exciting opportunity to bring an additional 200 apartments to the Rochester market and execute on our expanding development capacity,” Campbell wrote.

This is the latest in a series of major deals in Rochester so far this year.

Inland Real Estate Group of Cos. bought the

Hy-Vee Grocery

at 4200 West Circle Drive NW for $32.07 million on January 19 and

mayowood waters

retirement home for $67.3 million on February 7.

Jeff Kiger tracks business activity in Rochester and southeastern Minnesota every day in “Heard on the Street.” Send tips to

[email protected]

or via Twitter to

@whereskiger

. You can call him at 507-285-7798.

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