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.
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.
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.
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.