CBRE has arranged the sale of Downtown Plaza, a 90-unit independent 55-plus senior living community at 434 W 4th St. in Red Wing, Minnesota.
An undisclosed seller sold the property to Red Wing Partners MN in a transaction that closed Jan. 15.
Ted Abramson, Keith Collins and Abe Appert from CBRE Minneapolis Multifamily represented the seller in the transaction.
Built in 1986, Downtown Plaza offers a walkable location one block off Main Street with proximity to retail, grocery, restaurants and the Mississippi River. The mid-rise nature of the property allows the units to have views of the river, bluffs and surrounding natural setting in Red Wing.
The property has seen extensive updates and replacements of mechanical systems over the last several years. In addition, the 9th Floor community room with commercial kitchen received an entire upgrade in the last year with new finishes, furniture and other cosmetic upgrades. Other amenities on the property include a recreation center, beauty and barber shop, 9th floor dining room with scenic views and fitness center.