A South Dakota developer who is bullish on the Med City is gearing up to build even more apartments in Northwest Rochester.
Close on the heels of filing plans for a 256-unit senior housing facility, Stencil Homes has submitted a development plan for a 192-unit apartment complex,
Led by CEO Nate Stencil, the firm has built five apartment complexes in Rochester in the past five years.
Now, his firm is the contractor for the construction build a three-story, third phase to round out The Pines facility on Alpha Parkway Northwest.
Regency Multifamily of Champaign, Ill. , is the owner of The Pines. Regency purchased the original Pines apartments from Stencil in 2018 and is in the process of building the second phase of The Pines.
Alpha Parkway is the road that connects to Badger Hills Drive and loops around the Hy-Vee shopping area to link to West Circle Drive.
The first phase of The Pines was completed in 2016. This third phase is slated to be built in a U-shape in a manner similar to the earlier phases.
Plans for this phase also include a 11,695-square-foot clubhouse building. A total of an additional 453 parking spots are also included in the plan.
Assuming the plan is quickly approved, it’s possible that groundwork for the project could start yet this year. However, it’s more likely that work will fire up in the spring.
This project, coupled with the plans he submitted earlier this month for a 256-unit Badger Hills Senior Living complex to be built near The Pines, show that Stencil is staying active in the Med City housing market.
At the end of 2016, when many complexes were built, he stated, “We're watching to see how the market handles all of the new products as they come online. I believe it will handle it very well."
Stencil said then that the 663 market-rate apartments he had built in Rochester since 2014 were almost all leased.
Stencil Homes owns 83 units in the Nue52 complex, 96 in Kascade Place, 92 at Flats on Fourth and 164 at Technology Park.