Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

A building in Rochester sets record for Minnesota's most expensive apartment sale

The 350-unit Berkman Apartments, which opened in 2020, sold for $536,000 per unit


April 13, 2022

Alatus/JLL Capital Markets

Berkman Apartments in Rochester.

The 350-unit Berkman Apartments in Rochester fetched $536,000 per unit - a record amount for an apartment building in Minnesota - after a bidding war among investors from around the world.

CBRE Investment Management paid more than $187 million to the Berkman's developers, Kayne Anderson Capital Advisors and Alatus, the firms said Tuesday.

The 14-story building opened in 2020 across the street from the Mayo Clinic's St. Marys campus and less than a mile from Mayo's downtown campus.


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