A 100-unit townhome community in Northwest Rochester was sold for $12.35 million earlier this month, which is the second-largest local real estate deal of 2021 so far.
Georgetowne Homes, which were built in 2001 at 2670 Georgetowne Place NW, are located just off 55th Street Northwest. Minneapolis-based 2670 Georgetowne Place, LLC, purchased the property.
The seller was Georgetowne Limited Partnership, which is based in Oshkosh, Wis.
Realtors Chris Collins, Evan Miller, and Seth Barnett, who work for Marcus & Millichap’s Minneapolis and Detroit 2 office, represented the seller and the buyer in the transaction.
“Georgetowne Homes generated significant interest from investors across the U.S. seeking to own a well-maintained asset in the fast-growing community of Rochester… ,” Collins said in the announcement of the deal. “The property … is comprised of market rate and affordable townhome style units ranging in size from 1,170 to 1,360 square feet. The preservation of the property’s affordability components was a main goal for both the buyer and seller.”
The sale is the second largest deal of the year in Olmsted County.
The biggest ticket real estate transaction of 2021 so far is Minneapolis-based Timberland Partners' purchase of the 228-unit Springs at South Broadway for $43.3 million in January. As part of that deal, the apartment community’s name was changed to Vista at South Broadway.
Another Timberland purchase – a $39.5 million acquisition of the Preserve on Maine residential complex – was the largest deal in Olmsted County in 2020.