In the biggest Rochester real estate deal of 2020 so far, Minneapolis-based real estate investment and management firm is upping its investment in the Med City with the whopping $38.5 million acquisition of Preserve on Maine Apartments.

Timberland Partners Investments purchased the 205-unit, two-building community at 4010 Maine Ave SE on Thursday. It now owns six apartment complexes in Rochester with a total of 892 units.

"Rochester is a market where we have a strong presence, and we are confident in the long-term growth plans of the Mayo Clinic and the Rochester market overall," said Timberland acquisitions and finance specialist Mike Savides.

Timberland made a $10.6 million down payment in the deal. Olmsted County estimated the total market value for the two buildings and the property at $28.29 million for 2020-2021.

Prior to this, the largest Olmsted County real estate transaction of the year was the $18. 2 million purchase of The Brentwood Inn & Suites by an investor group called Agave Brentwood Hotel LLC in January.

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Deerhorn Partners LLC, an offshoot of Harbor Bay Real Estate Advisors, sold the property. Harbor Bay of Illinois built the Preserve in 2015 as Rochester’s first “resort-style” apartment complex. It spent $1.8 million in two transactions to acquire the open land by the Shoppes on Maine commercial area.

Harbor Bay also partnered with Rochester’s Titan Development & Investments to build the new Hilton luxury hotel as well as buying the former Michael’s Restaurant site for future development in the downtown area.

Timberland, which owns and manages a portfolio of 80 communities in 15 states, is a big fan of Rochester. It also owns Timberland Heights, Summit Square, Jordan Creek And Mills and Eastwood Ridge.

“The Preserve on Maine is an excellent Class A apartment community located in a thriving real estate market,” stated Savides in the announcement of the deal. “The convenient location, combined with the high-end resident amenities, position this property to capitalize on the expected growth in the Rochester area in both the short and long term.”