A Minneapolis firm added another Rochester complex to its portfolio last week with a $30.5 million real estate deal.

Timberland Partners purchased the 209-unit Eastwood Ridge complex on Towne Club Parkway Southeast on Sept. 4 from Rochester Apartments, LLLP of Minneapolis.

Timberland paid an $8 million down payment and the purchase price included $1.463 million for furniture, fitness equipment, appliances and other fixtures at Eastwood Ridge.

Developer Shafer Richardson built Eastwood Ridge next door to Eastwood Golf Course in 2016. It features three three-story buildings at 3031, 3043 and 3055 Towne Club Parkway SE.

Olmsted County estimated the total market value of the property at $20 million for 2018-2019. 

Buying this complex expands Timberland's footprint in the Med City.

Timberland also owns Timberland Heights, Summit Square and Jordan Creek & Mills in Rochester.

Jeff Kiger tracks business action in Rochester and southeastern Minnesota every day in Heard on the Street. Send tips to jkiger@postbulletin.com or via Twitter to @whereskiger. You can call him at 285-7798.

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