Monarch Investment and Management Group bought it.
That’s accurate. However, it was just the start. The state later posted online the rest of the IRET/Monarch sales, which totaled $59.4 million for six properties with 585 units.
Here are the six transactions.
Heritage Manor Apartments with 182 units at 2409 North US 52 was purchased by Monarch for $14.12 million. Monarch was already managing the property for Centerspace.
Crystal Bay Townhomes with 72 units at 240 Crystal Bay Court SW was purchased by Monarch for $13.6 million, as I previously reported.
Olympik Village at 402 31st St NE with 140 units at 31st St NE was purchased by Monarch for $10.2 million. Monarch was already managing the property for Centerspace.
Colorado-based Monarch Investment and Management Group paid $49.275 million for a Rochester residential portfolio in late May, according to electronic certificates of real estate value recently made public. Centerspace LP, which listed a Minneapolis address, sold the five properties containing a total of 445 residential units located across Rochester. The sales were financed with new mortgages, according to the eCRVs. Monarch bought the 72-unit Crystal Bay Townhomes for $13.65 million, which works out to approximately $189,583 per unit. It has two- and three-bedroom townhomes located along Crystal Bay Court SW., according to Olmsted County property records. The townhome complex is directly east of County Road 8 Southwest and south of Salem Road Southwest. The John Withers Sports Complex and Lake George are neighbors to the east, and the Apache Mall is more than a mile to the northeast. The 115-unit Winchester Apartments, at 3908 19th Ave. NW, was purchased for $9.5 million. This
North Dakota-based Investors Real Estate Trust or IRET sold the Crystal Bay Townhomes, off of Mayowood Road Southwest, to Colorado-based Monarch Investment and Management Group on May 25.