CBRE Arranges Sale of 205-Unit Preserve on Maine
04 Nov 2020
Minneapolis, MN – November 4, 2020 – CBRE has arranged the sale of Preserve on Maine, a 205-unit luxury multifamily property located at 4010 Maine Ave Se, Rochester Minnesota. Timberland Partners purchased the property from Harbor Bay Real Estate Advisors (Harbor Bay) in a transaction that closed on October 29, 2020. A sale price was not disclosed.
Ted Abramson, Keith Collins and Abe Appert from CBRE Minneapolis Multifamily represented Harbor Bay in the transaction.
Built in 2017 by Harbor Bay, Preserve on Maine is situated in a park like setting, near ponds, fields, walking and biking trails. The property offers convenient connection to all of Rochester with access to Highway’s 52 and 63 and minutes from retail at Shoppes on Maine. The community also offers a shuttle service running twelve times a day (Monday through Friday) to Mayo Clinic. An expansive offering of luxury amenities offered include a state-of-the-art fitness center, outdoor heated pool and sundeck, an entertainment room with movie theater style seating, pet friendly dog run/pet spa/waste stations, and miles of neighboring walking trails.
“Preserve on Maine drew significant National investor interest because of the solid fundamentals in the area and the property’s access to Mayo Clinic” said Ted Abramson.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.