Illinois firm paid $5.35 million for Rochester's Bakery Flats development

Jeff Kiger, Post-Bulletin, Rochester, Minn.
·1 min read

Oct. 25—ROCHESTER — Illinois-based

Regency Multifamily

recently paid $5.35 million to take the reins of the

Bakery Flats development project

on the site of the

demolished Rochester Bread Co. Building.

Regency, which also owns Red44 and The Pines apartment complexes in Rochester, purchased the under-construction site of the future 210-unit Bakery Flats development at 300 11th Ave. NW on Oct. 18. The development project is next to the Home Federal Bank building.

Under the name of Regency Consolidated Residential LLC, the company bought the property from

The Prow Co.

led by longtime Rochester developer and real estate investor Don Prow.

Since January, Prow has spearheaded the development of the Bakery Flats project on that site.

The iconic 95-year-old Rochester Bread Co. building was recently demolished on the site to clear the way for the new apartment complex.

Olmsted County estimated the total market value of the property at $3.32 million for 2023-2024. However, that estimate included $485,500 for the now-demolished Rochester Bread building.

This purchase deepens Regency's investment in Rochester. It purchased The Pines apartment complex by the Northern Hills Golf Course in 2018. Regency followed that up in 2021 with

the $34 million acquisition of the 159 unit Red44 complex

at 839 16th St. SW.

Based in Champaign, Illinois, Regency describes itself as an "entrepreneurial private real estate investment and development firm."

It owns more than 4,500 apartments in Illinois and Indiana plus Rochester investments, the only Minnesota properties.