A North Dakota real-estate firm purchased Rochester's Grandeville at Cascade Lake for $56 million today.
Investors Real Estate Trust said this morning that it officially wrapped up the purchase of the 276-unit multifamily community. It announced in August that a purchase agreement for the 8-year-old property had been signed with LeCesse Development Corp. of Florida.
Grandville is now IRET's 10th housing property in Rochester.
"We are excited to add GrandeVille to IRET's Rochester portfolio. Its convenient location and substantial amenities enhance the choices we offer to tenants and solidify our presence in Rochester," stated IRET's Vice President of Investments Matt Volpano in a press release this morning.
IRET long has been an active investor in Rochester. It now owns more than 1,300 housing units in 10 properties, including Quarry Ridge, Olympik Village and Sunset Trail.
"Rochester is one of our largest markets," said Volpano previously. "From our standpoint, it continues our strategy. DMC just improves upon an already strong market."
IRET even is looking into building its own development in Rochester, on land it owns near 41st Street Northwest and West Circle Drive.
Volpano says plans have been drawn up for a potential project. The company is investigating whether it makes financial sense to move forward with it.
Today's deal is the largest real estate sale in Rochester for 2015. It tops the previous largest sale of the year, which also involved IRET.
IRET sold Maplewood Square shopping center in northwest Rochester for $15 million. The center, anchored by Best Buy, Fareway Foods and Ashley Furniture, was purchased by SGO MN Maplewood LLC, of San Mateo, Calif. The sale was part of a larger deal that included 15 IRET commercial properties, which sold for a total of $79 million.
The North Dakota firm previously announced that it is getting out of shopping centers to focus solely on housing properties.