Minneapolis-based Timberland Partners Investments acquires Class A apartment complex in Rochester, Minn.
(Oct. 29, 2020) – Timberland Partners Investments is pleased to announce the acquisition of Preserve on Maine, a 205-unit, Class A apartment community in Rochester, Minn. This is the company’s seventh acquisition in 2020 as part of Timberland Partners Apartment Fund VII (TPAF VII).
Built in 2017, Preserve on Maine features studio, one-, two-, and three-bedroom floorplans. The apartment community is conveniently located near the intersection of Highways 52 and 63, and within walking distance of the Shoppes on Maine retail district, with many nearby dining and entertainment options. The property provides residents resort-style living and boasts some of the best community and resident amenities in the Rochester area.
Preserve on Maine has a private clubroom and lounge, swimming pool and fitness center with an outdoor yoga deck, dog park, playground, outdoor grilling stations and walking path.
Each apartment unit features custom, gourmet kitchens with new cabinets, granite countertops and energy-efficient appliances. Each apartment also has nine-foot ceilings, in-unit washers and dryers, in-unit heat and air conditioning, FOB secure access and custom closet storage systems.
The city of Rochester is a desirable real estate market, and in the middle of a 20-year, $6 billion economic development growth plan. As home to the Mayo Clinic, the city has distinguished itself as one of the world’s leading medical destinations. Rochester recently ranked fifth on Livability’s Top 20 Best Places to Live in America for 2020.
“The Preserve on Maine is an excellent Class A apartment community located in a thriving real estate market. The convenient location, combined with the high-end resident amenities, position this property to capitalize on the expected growth in the Rochester area in both the short and long term,” said Mike Savides, Acquisitions and Finance Specialist with Timberland Partners. “We are excited to grow our portfolio through this acquisition and continue to provide value for our investment partners.”
This is Timberland’s sixth property acquisition in Rochester, Minn. TPAF VII was launched in January 2020 to acquire and manage quality multifamily rental properties in the Midwest and Southeast markets of the United States.
Minneapolis-based Timberland Partners owns and manages a portfolio of 80 communities in 15 states for a total of over 17,000 apartment units. It offers a boutique investment firm experience rooted in the values of integrity, transparency and honesty. To learn more visit www.TimberlandPartnersInvestments.com.