SRS Real Estate Partners’ National Net Lease Group and Hamilton Real Estate Group have completed the $26.9 million sale of Residence at Discovery Square, a mixed-use project at 511 3rd Ave. SW in Rochester, Minnesota.
Built in 2018, the seven-story, 174,020-square-foot mixed-use property includes 11,831 square feet of ground-floor retail space and 138 multifamily units.
SRS NNLG’s Vice Presidents Frank Rogers and Michael Carter and as Chad Behnken, Vice President with Hamilton Real Estate, Inc., represented the seller, a Rochester, Minnesota-based investor. The buyer, Rochester, Minnesota-based Black Swan Real Estate, is managed by Nick Stageberg, who was procured from the collaboration’s marketing efforts.
The purchase price represents the highest paid for a multifamily project recorded in the state of Minnesota in 2023.
Residence at Discovery Square is about 95% occupied. The asset is part of Discovery Square, a 16-block sub-district built in collaboration with the Mayo Clinic in an urban life science hub. The property is one block from the five million-sf Soldiers Memorial Field Park, which features a golf course, tennis court, swimming pool, among other amenities. It is also near multiple shopping centers, including Crossroads Shopping Center and Apache Mall.
