LRE Rochester 2 LLC Acquires Multifamily Asset From Park Place Apartments Mgmt LLC For $5.025M

The property asset involved in the transaction is a multifamily complex located at 1903 17th Street Southeast in Rochester, MN. The sale price of the asset was $5,025,000, covering an area of 43,560 square feet. The property consists of 72 units, resulting in a price per unit of $69,792 and a price per square foot of $115. The asset spans 3.03 acres.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $5,025,000
• Units: 72
• Price Per Unit: $69,792
• Square Footage: 43,560
• Price Per Square Foot: $115
• Address: 1903 17th Street Southeast
• Market: Rochester, MN
• Seller: Park Place Apartments Mgmt., LLC
• Buyer: LRE Rochester 2, LLC
• Brokers: Abe Roberts & Michael Jacobs - Marcus & Millichap

Abe Roberts and Michael Jacobs represented the sellers Park Place Apartments Mgmt., LLC in this transaction, facilitating the transfer of ownership to LRE Rochester 2, LLC. The representation by Marcus & Millichap highlights the brokerage's involvement in the deal, which reflects on the collaboration of these professionals in the multifamily market sector.