Northland, a national real estate private equity firm, says it is optimistic about downtown Rochester in the wake of its $37.31 million acquisition of The Maven apartments in downtown Rochester.
Northland Investment Corp. purchased the 154-unit, mixed-use Maven complex at 429 S. Broadway Ave. for $37.3 million. This is Northland’s second investment in Rochester and in Minnesota.
Northland, which purchased SoRoc on Maine for $35.34 million in February, filed a Site Development Plan with the City of Rochester to add a phase II to the development. SoRoc is located along Maine Avenue Southeast.
Maine-based Northland purchased SoRoc on Maine, an 186-unit Rochester garden community, for $35.34 million on Feb. 15. Northland plans to build a second phase to add 200 more apartments to the development.