Med City apartment complex sold for $17.9 million
Four Minnesota companies paid $17.9 million for the Rochester's Timberland Heights apartment complex at 1515 41st St. NW on Dec. 15, 2022. It was managed by Timberland Partners.
It was managed by Timberland Partners. Four Minnesota firms -- WCI Rochester LLC of St. Paul, JA Rochester Heights LLC of Cottage Grove, BP Rochester Heights LLC of St. Paul and AA Rochester Heights LLC of Mahtomedi -- purchased the Timberland Heights apartment complex at 1515 41st St. NW on Dec. 15, 2022. It was managed by Bloomington, Minn.-based Timberland Partners.Built in 1975, the apartments stand next to the Cedarwood Plaza commercial mall.The buyers, which includes Twin Cities property manager firm called Pergola Management , made a down payment of $5.4 million at the closing. Four Minnesota companies paid $17.9 million for the Rochester's Timberland Heights apartment complex at 1515 41st St. NW on Dec. 15, 2022. It was managed by Timberland Partners. The four sellers -- RLF Timberland II Delaware LLC of Bloomington, NTC Timberland Heights Delaware LLC of Hastings, JRY Timberland II Delaware LLC of Bloomington and DLP Timberland Heights Delaware LLC of Minneapolis -- have owned the property since 2013.Timberland Partners also owns and manages the Summit Square, Eastwood Ridge , Preserve on Maine and Vista at South Broadway housing communities in Rochester.The last recorded sale of the 47-year-old apartment complex was in 2003, when Timberland Partners II LLC purchased it for $6.9 million from Leslie Lurken.Olmsted County estimated the total market value of Timberland Heights at $13.1 million for 2022-2023. He has worked in Rochester for the Post Bulletin since 1999. Send tips to EMAIL or via Twitter to URL . You can call him at 507-285-7798. Twitter Facebook Linkedin