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
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.