The Med City’s first “gated community” changed owners and names in a $43.3 million deal last week.
As part of the deal, the apartment community’s name was changed to Vista at South Broadway.
This is the seventh apartment complex Timberland has acquired in Rochester. Timberland, which owns and manages a portfolio of 82 communities in 15 states for a total of more than 17,900 apartment units, is a big fan of the Med City.
Its acquisition of the Preserve on Maine residential complex for $39.5 million was Rochester’s largest real estate deal of 2020.
Timberland also owns Timberland Heights, Summit Square, Jordan Creek And Mills and Eastwood Ridge. That adds up to a whopping 1,120 residential units.
Timberland bought Vista at South Broadway from Wisconsin-based Continental Properties, which built it in 2017.
Olmsted County estimated the total market value of the Vista/Springs property at $22.92 million for 2020-2021.
“This high-quality apartment community is a great addition to our growing portfolio. We have a strong presence in the Rochester market, and we are confident in the long-term growth plans of the Mayo Clinic and the Rochester market overall,” stated Timberland’s Acquisitions and Finance Specialist Mike Savides in an announcement of the deal. “The townhome-style units fit a niche in the marketplace and help diversify our Rochester portfolio.”