Updated Sep 1, 2026
Black Swan Living Acquires Cascade Apartments In Rochester For $7.275M From Patina Management
957 Pendant Lane Northwest
$7,275,000
$197/SF
Building Size
36,913 SF
Asset Type
MultiFamily
Closing
Aug 31, 2026
About this deal
AI
The property asset involved in this transaction is a fully leased multifamily community located at 957 Pendant Lane Northwest in Rochester, MN. The asset was sold for $7,275,000, encompassing 36,913 square feet of space, which translates to a price per square foot of $197. The community consists of 44 units, leading to a price per unit of $165,341.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $7,275,000
- Square Footage: 36,913
- Sale Price per Square Foot: $197
- Units: 44
- Price per Unit: $165,341
- Buyer: Black Swan Living
- Seller: Patina Management
- Brokers: Chris Collins, Lance Steiger, Evan Miller & Erin Salway - Cushman & Wakefield
Cushman & Wakefield successfully facilitated the all-cash sale of Cascade Apartments, which received eight competing offers. The brokers representing the seller, Patina Management, were Chris Collins, Lance Steiger, Evan Miller, and Erin Salway.
Players
Rochester MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.18%
Cash-on-Cash
-0.62%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93