New owner buys Rochester's Hue apartments for $14 million
The Hue apartments at 33 Fourth St. SW were purchased by Mora, Minn.-based Gorham Housing Partners III, LLP on Dec, 29. Gorham paid a $3.6 million down payment. The 50-unit complex stands on the former site of Gallery 24/The Creative Salon next to 318 Commons.
ROCHESTER — Another downtown Rochester apartment complex has a new owner following a $14 million transaction.
The Hue apartments at 33 Fourth St. SW were purchased by Mora, Minn.-based Gorham Housing Partners III, LLP on Dec, 29. Gorham, which is linked to Oakwood Property Management in Mora, paid a $3.6 million down payment for the property.
Acky-324 LLC of Minneapolis, led by Stuart Ackerberg, was the seller. Ackerberg developed The Hue with the help of North Rock Real Estate . It opened in August 2020.
Soon after it opened, Ackerberg told the Destination Medical Center staff that “The energy, growth, innovative contributors, and social scene all contribute to excitement that could not be ignored. Destination Medical Center, together with Mayo Clinic and University of Minnesota Rochester, create a compelling story in which we wanted to participate.”
Ackerberg bought the property in June 2019 for $2.2 million from 988 Rochester LLC. In April 2019, 988 Rochester purchased it from 324 1st Ave SW LLC for $1.2 million.
Olmsted County estimated the total market value of the building and the land at $6.52 million for 2021-2022.
Jeff Kiger tracks business action in Rochester and southeastern Minnesota every day in "Heard on the Street." Send tips to firstname.lastname@example.org or via Twitter to @whereskiger . You can call him at 507-285-7798.