Rochester couple buys a pair of apartment complexes for $5.2 million
Nick and Dr. Elaine Stageberg purchased the 24-unit Uptown Landing complex at 621 First St. SW and the 11-unit Uptown Terrace complex on Nov. 10. They paid $2.3 million for the 54-year-old Uptown Terrace property and $2.9 million for the 52-year-old Uptown Landing.
A Rochester couple recently added a pair of Med City apartment complexes to their portfolio for a combined purchase price of $5.23 million.
Nick and Dr. Elaine Stageberg purchased the 24-unit Uptown Landing complex at 621 First St. SW and the 11-unit Uptown Terrace complex on Nov. 10.
Under the name of Uptown Terrace Holdings LLC, they paid $2.3 million for the 54-year-old Uptown Terrace property. The Stagebergs, under the corporate name of Uptown Landing Holding LLC, purchased the 52-year-old Uptown Landing property for $2.93 million.
The complexes were sold by a local investment group led by Jon Ryan, Ryan Nedfeldt, Jeremy Edwards and Colin Nash. The group purchased the pair complexes for a total of $3.28 million on June 1, 2018, under the corporate names o f R2 Apartments I LLC and R2 Apartments II LLC.
Olmsted County estimates the total market value of Uptown Landing at $1.79 million and the total market value of Uptown Terrace at $1.29 million for 2021-2022.
This acquisition adds to the Stagebergs’ growing portfolio of area apartments.
They purchased the 83-unit Nue 52 apartment complex in northwest Rochester in August for $9.9 million.
Under their Cygnet Real Estate LLC firm, the couple are building the next 30 townhomes of their Stone Haven development in Byron. They purchased 10 acres of land and 30 existing Stone Haven townhomes in 2020.
The Stagebergs also manage a team of Realtors who work with Keller Williams in Rochester as well as manage a number of properties in the Med City.