ROCHESTER — A $1.7 million land purchase by St. Paul Housing Corporation paves the way for a $22 million expansion of an apartment complex in northwest Rochester.
March 2, Real estate actionswho developed the first phase of
Technology Park Apartments with Nate stencil and the Greater Minnesota Housing Fund in 2019 purchased 3.6 acres adjacent to the resort at 2712 Commerce Drive NW.
The plan is to build a second phase and add 140 mixed-use housing to the existing 164 units in the technology park. The second phase is expected to start this month, with the goal being achieved by July 2023.
“Phase I of the project has provided much needed housing in Northwest Rochester and has maintained 95% or higher occupancy since its completion,” said Patrick OstromManaging Development Partner of Real Estate Equities in an announcement about the project.
Real Estate Equities purchased the land for the expansion of JVNS LLC, a South Dakota company run by Nate Stencil. Stencil, a developer who has built several apartment complexes in Rochester, is also the general contractor for the project.
Olmsted County estimated the total market value of open land at $1.09 million for 2021-22.
Like the first phase, the Greater Minnesota Housing Fund is also involved in this expansion.
“This strong partnership and funding model has allowed us to launch Phase II of this project,” Ostrom said in the announcement.
Real Estate Equities manages/owns a portfolio of over 3,800 units in Minnesota, Wisconsin, Indiana and Arizona.
Jeff Kiger tracks business action in Rochester and southeastern Minnesota every day in “Heard on the Street.” Send tips to
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