National real estate company buys Med City housing community for $35.34 million – Reuters

ROCHESTER – In Rochester’s third real estate transaction to exceed $30 million so far in 2022, a Shoppes, Maine housing community was recently sold for $35.34 million, opening the door to a second phase of development.

SoRoc in Mainea 186-unit garden community with buildings along Maine Avenue Southeast, was purchased Feb. 15 by Maine-based Northland, one of the largest owners of multi-family properties in the United States.

Northland describes itself as “a real estate private equity firm with $7 billion in assets under management, including more than 26,000 residential units and 2.1 million square feet of retail space, and a development pipeline of 3 billions of dollars”. This appears to be his first investment in Minnesota.

“At SoRoc, we have secured the highest quality suburban apartment community in the city, and with rents still very affordable at less than 20% of median household income,” said Associate Vice President of Northland acquisitions. Michael Campbell in the deal announcement.

SocRoc was built as Maine Heights in 2016 by North Dakota Rubicon Capital LLC.

The sale included four transactions of $21.29 million, $6.12 million, $5.45 million and $2.47 million. Vendors Included Maine Heights LLC in Edina, Minnesota; Timothy and Virginia Muir from Edina; Dean and Terrilyn Braasch of Edina and Boston, Massachusetts Northridge Assets, LLC.

This agreement opens the door for Northland to expand the development.

“…With a second phase ready to kick off, Northland has an exciting opportunity to bring an additional 200 apartments to the Rochester market and execute on our expanding development capacity,” Campbell wrote.

This is the latest in a series of major deals in Rochester so far this year.

Cos Inner Real Estate Group. buy it

The Hy-Vee grocery store at 4200 West Circle Drive NW for $32.07 million on Jan. 19 and the Waters on Mayowood senior living complex for $67.3 million on Feb. 7.

Jeff Kiger tracks business action in Rochester and southeastern Minnesota every day in “Heard on the Street.” Send tips to

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