CBRE has completed the sale of a six-building, 589-unit multifamily portfolio in Rochester, Minnesota.
Centerspace sold the portfolio to Monarch Investment & Management Group in a transaction that closed May 26. A sale price was not disclosed.
Keith Collins, Abe Appert and Ted Abramson from CBRE Minneapolis Multifamily represented the seller, Premier Mahtomedi MN, LLC, in the transaction.
Three of the buildings are townhomes and are made up of 437 units and the remaining three properties are townhome rental communities. Average occupancy across the portfolio is 95 percent.