This Building Now Holds an Amazing Record in Minnesota
It set a record two years ago and this building in Minnesota is keeping its record in-tack again this year.
This record-setting apartment complex isn't located in Minneapolis or St. Paul. Instead, it's one of the more recent additions to Rochester's skyline and happened to make history here in the Land of 10,000 Lakes just two years ago.
If your travels have taken you south to Minnesota's third-largest city of Rochester, perhaps you've driven past The Berkman Apartment building. It's the 14-story tower containing 350 individual apartments that is located across from the world-famous Mayo Clinic's St. Marys Hospital, on the corner of 2nd St SW and 14th Ave SW.
According to The Berkman's website, the building opened four years ago and features studio apartments along with one-, two-, and three-bedroom units. It also features walk-up townhomes (with ceiling heights reaching 9 feet tall) as well as furnished units available for short-term stays.
The street level of The Berkman also features 23,000 feet of commercial space, occupied by Red Cow, the Twin Cities-based restaurant with locations in Minneapolis, St. Paul, and Wayzata that also opened in Minnesota's Med City a few years ago.
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It was two years ago, in 2022, that the Berkman (which is named for Daisy Louise Berkman Plummer, wife of Mayo Clinic pioneer, Dr. Henry Stanley Plummer, himself the namesake of Mayo's famous Plummer Building) made real estate history in Minnesota.
According to the Minneapolis St. Paul Business Journal (MSPBJ), The Berkman sold for a whopping $187.6 million in 2022-- the largest amount EVER paid for a single multifamily property in here in the Land of 10,000 Lakes. That's a LOT.
The sale works out to a record-breaking $536,000 per unit. That's more than double the average ($246,287) per-unit price of Class A apartments that sold last year...
A New York-based group (CBRE Investment Management) plunked down nearly 188 million dollars to acquire The Berkman from Minneapolis-based Alatus and Kayne Anderson Real Estate, MSPBJ said. And, according to this Commerce and Finance story, it's a record that The Berkman still holds:
Nothing in 2023 came close to the sale of the Berkman apartments in 2022. The Rochester apartment has kept its spot in the history books as one of, if not the highest single-asset multifamily transaction in Minnesota.
I'm just going to guess that you (like me) have never written out a check for $187,600,000 like somebody at CBRE Investment Management did two years ago, right? And while it's not that much, the Twins' Carlos Correa DID plunk down some decent money for his home on Lake Minnetonka last year. Keep scrolling to check it out!
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