Roers Investments, Reuter Walton Development and North Bay Cos. have sold Red44, a 159-unit multi-housing community in Rochester, Minn.
Regency Multi-Family based out of Champaign, Ill., acquired the property for $34 million.
Red44 was developed using a private-funding model whereby high-net-worth individuals from the region invested in the project, so proceeds from the sale will remain in the area.
Built in 2017, Red44 comprises studio, one-bedroom and two-bedroom units averaging 850 square feet. The apartments feature central air conditioning, in-unit washers and dryers, large walk-in closets, a patio or balcony, built-in microwaves and dishwashers, and quiet-wall technology. The community offers residents a pool, a rooftop lounge, a patio area with grills, a clubhouse, heated underground parking, electric car charging stations, bike racks, a fitness and wellness center, a dog run and washing station, access to riverfront nature and bike trails, and a complimen
