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New Stewartville apartment complex sold for $10.5 million

Stewartville Flats LLC bought Flats 55 at 1501 11th Ave. NW in Stewartville on Dec. 31. The Eau Claire, Wis.-based firm, led by Matt Onofrio, made a down payment of $1.88 million as part of the transaction.

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STEWARTVILLE — A real estate investor purchased Stewartville’s newest apartment complex for $10.5 million on New Year’s Eve.

Stewartville Flats LLC bought Flats 55 at 1501 11th Ave. NW in Stewartville on Dec. 31. The Eau Claire, Wis.-based firm, led by Matt Onofrio , made a downpayment of $1.88 million as part of the transaction.

Flats 55, which predictably has 55 units, started leasing in spring 2021. It offers two-bedroom apartments ranging from $1,850 to $1,560 a month and one bedroom units ranging from $1,600 to $1,095 a month.

The City of Stewartville also recently gave approval for a second phase of Flats 55 — a 60-unit complex — to be built.

Onofrio, who has been very active in buying and selling Rochester area properties in the past two years, purchased Flats 55 from three Rochester firms — Kane Holdings LLC, BLS Stewartville LLC and Groteboer Holdings LLC — as well as K Nash Holdings LLC, based in Mound-Minn.

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Rochester Realtor Merl Groteboer represented the buyers and the sellers in the transaction.

Olmsted County estimated the total market value of the Flats 55 at $4.47 million for 2021-2022.

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Jeff Kiger tracks business action in Rochester and southeastern Minnesota every day in "Heard on the Street." Send tips to jkiger@postbulletin.com or via Twitter to @whereskiger . You can call him at 507-285-7798.

Jeff Kiger writes a daily column, "Heard Around Rochester," in addition to writing articles about local businesses, Mayo Clinic, IBM, Hormel Foods, Crenlo and others. The opinions of my employer do not necessarily reflect my opinions. He has worked in Rochester for the Post Bulletin since 1999. Send tips to jkiger@postbulletin.com or via Twitter to @whereskiger . You can call him at 507-285-7798.
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