Minneapolis – October 30, 2015 – CBRE announced today that it has sold the 276-unit rental townhome community GrandeVille at Cascade Lake in Rochester, Minnesota. Keith Collins, Ted Abramson, Abe Appert, and Laura Hanneman of CBRE’s Minneapolis office represented the seller, GrandeVille at Cascade Lake, LP, an entity controlled by LeCesse Development Corp. (Alamonte Springs, FL). IRET Properties based in Minot, North Dakota purchased GrandeVille at Cascade Lake for $56,000,000. This is IRET’s 10th multifamily property in its Rochester portfolio.
GrandeVille at Cascade Lake was built in 2007 and is located only two miles from downtown Rochester and the world renowned Mayo Clinic. In addition, the property is adjacent to Mayo Clinic’s West park-and-ride lot offering residents/employees an easy commute.
The property’s townhomes range from one-bedroom units at 712 square feet to four-bedroom units at 1,612 square feet. Community amenities include a clubhouse, community room, children’s play room, business center, fitness center, sauna, tanning bed, outdoor swimming pool, playground, basketball court, and outdoor kitchen/grill area. Townhomes feature individual private entrances, attached garage, central HVAC, washer/dryer, high ceilings. Select units have a balcony/patio and/or gas fireplace.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
