Cushman & Wakefield brokered the $7.275 million sale of Cascade Apartments, a 44-unit multifamily community in Rochester, Minnesota.
Reflecting strong investor demand for quality apartment assets in the market, the property attracted eight competitive offers from buyers across Minnesota, Wisconsin and Illinois, as well as national investment groups, and closed in an all-cash transaction in just over 30 days.
Cushman & Wakefield’s Chris Collins, Lance Steiger, Evan Miller and Erin Salway represented the seller, Patina Management. The buyer was Black Swan Living.
Located at 957 Pendant Lane NW, Cascade Apartments is a 36,913-square-foot multifamily property completed in 2016. The community features a mix of studio, one-bedroom and two-bedroom apartments with an average unit size of 839 square feet. At the time of sale, the property was fully occupied.
Situated approximately 10 minutes from Mayo Clinic, Cascade Apartments benefits from Rochester’s robust economic foundation, which is anchored by world-renowned healthcare, technology and research employers. Residents enjoy access to modern amenities including underground parking, in-unit laundry, high-speed Wi-Fi, EV charging stations, outdoor gathering spaces and on-site management. The property also recently underwent capital improvements, including a new roof installed in 2023.
