A Fargo, N.D., real estate firm recently paid $15.83 million to add a downtown Rochester apartment complex to its growing Minnesota portfolio.
EWR Rochester Civic Square Apartments, LLC, purchased the 124-unit Civic Square Apartments on Oct. 1. The buyer, who assumed the mortgage, made a downpayment of $7.2 million at the closing.
The 30-year-old complex is at 101 Civic Center Dr. NE.
EWR’s address in Fargo is the same as Edgewood Real Estate Investment Trust’s address.
Edgewood purchased the Kodiak Apartments in Byron for $9.6 million on Oct. 1, this is the real estate investment group's first property in Rochester.
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Edgewood owns a portfolio of medical commercial, senior housing and multi-family properties. Edgewood owns property in 12 states, including several in Minnesota.
Plymouth-based Civic Square, LLC, which purchased the property in 2006 for $6.95 million, was the seller.
Olmsted County estimated the total market value for the building and land at $11.3 million for 2021-2022.
