CBRE Investment Management acquired a luxury multi-family community called The Berkman, located one mile from the Mayo Clinic in Rochester, Minnesota. The sale of the 330-unit Class A property was closed by Kayne Anderson Real Estatethe real estate private equity arm of Kayne Anderson Capital Advisors LP and Alatus LLC. CBRE made the investment on behalf of one of its segregated account clients.
Located at 217 14and Ave. SW in an area of Rochester called “Pill Hill”, The Berkman offers a mix of apartment layouts including studios and one- to three-bedroom units. Apartments feature 9 foot ceilings, oversized windows, stainless steel appliances, quartz countertops, and full size washers and dryers. A TV lounge equipped with a fireplace is part of the equipment in the common areas.
Close to campus
The Berkman sits across from the Mayo Clinic Saint Marys campus, the largest intensive care unit in the United States. It is less than 1 mile from the Mayo Clinic downtown campus.
A three-minute drive away, residents of The Berkman will travel to downtown Rochester and its retailers, salons, restaurants, breweries and employment centers. The Apache Mall is a five-minute drive from the Berkman. Rochester International Airport is a 10-minute drive from the property, and the twin cities of Minneapolis and St. Paul are just over an hour away.
In a statement, Kayne Anderson Real Estate officials noted that the company, along with Alatus, has made significant investments in the property, which provide environmental and social benefits to the property and its surrounding community.
These installations included installations of efficient electric heat pump technology, as well as low-flow plumbing fixtures, resulting in over 60% water use efficiency compared to standard plumbing fixtures. Earlier this month, a CBRE survey found that the senior housing sector continues to recover.