News release

$34M multi-housing community in Rochester Minnesota sets record

JLL Capital Markets closed the sale of Red44 Apartments near the Apache Mall

September 27, 2021

CHICAGO, Sept. 27, 2021 – JLL Capital Markets announced today that it has closed the $34 million sale of Red44, a 159-unit multi-housing community in Rochester, Minnesota.

JLL marketed the property on behalf of the seller, Roers Investments, Reuter Walton Development & North Bay Companies. Regency Multi-Family based out of Champaign, Illinois acquired the property.

Red44 was developed using a private-funding model whereby high-net-worth individuals from the region invested in the project, so proceeds from the sale will remain in the area.

Built in 2017, Red44 comprises studio, one- and two-bedroom units averaging 850 square feet. The apartments feature central air-conditioning, in-unit washers and dryers, large walk-in closets, a patio or balcony, built-in microwaves and dishwashers and quiet-wall technology. The community offers residents a pool; rooftop lounge; patio area with grills; clubhouse; heated underground parking; electric car charging stations; bike racks; a fitness and wellness center; dog run and washing station; access to riverfront nature and bike trails; and complimentary Mayo Clinic shuttle.

Located at 839 16th St. SW, Red44 delivers immediate access to State Highway 52, which provides efficient commutes to top employers – Mayo Clinic and the Olmsted Medical Center – all within a 10-minute drive from the property. Downtown Rochester and Rochester International Airport are also within proximity to the property. Nearby local amenities include Trader Joe’s Grocery, Barnes & Noble, Orange Theory Fitness, Hy-Vee Grocery, T.J.Maxx and HomeGoods, Starbucks and Scheel’s.

The JLL Capital Markets investment advisory team representing the seller included Senior Director Mox Gunderson, Director Adam Haydon and Senior Directors Dan Linnell and Josh Talberg.

“Red44 received over 15 offers from across the country, ultimately trading for a new price per unit record for Rochester,” said Gunderson. “Tertiary markets have seen minimal slowdown over the last 16 months, and Rochester — in particular — is in the midst of an incredible growth story with the Mayo Clinic, Destination Medical Center. The Buyer is purchasing a trophy asset with proven growth potential.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Roers Investments, LLC

Roers Investments, d.b.a. Roers Companies is a full-service real estate firm headquartered near Minneapolis, MN with developments in six states and counting. Founded in 2012, the firms guiding principle has been the same since the beginning: Think big. Scale fast. Learn more at

About Regency

Regency is an entrepreneurial Private Real Estate Investment and Development Firm with Institutional-Grade systems, policies and procedures. Their mission is to provide desirable apartment homes and exceptional customer service, while acting with integrity in our business relationships and generating attractive returns for our investors.