Investors paid $5.9 million for Rochester's troubled Creekside Apartments
May 13—ROCHESTER — An investment group paid $5.9 million last week for
a troubled Rochester complex which had one building condemned in March.
St. Paul-based Creekside Equity Partners, LLC led the purchase.
The purchase closed on May 5, 2023, with Creekside Equity paying a $1.75 million down payment for the 72-unit, three building property at 1405-1455 Marion Road SE.
Bear Creek, LLC, of Novato, California, was listed as the seller. It had owned the 72-unit, three building property for seven years, after buying it in 2016 for $3.5 million. However, most documentation names St. Paul-based BB Housing as owning Creekside under the umbrella of Phoenix Development Bear Creek. BB Housing sold its other Rochester property,
in late March for $3.1 million.
Olmsted County estimated the total market value for Creekside at $6.73 million for 2023-2024.
In March, the City of Rochester condemned one of the three Creekside buildings following damage to its sprinkler system and other problems. That resulted in
residents of 24 units being required to move out
until repairs could be made.
Creekside appeared in the news again last week, when
a fire that started on a second floor deck of another of the buildings damaged two floors
on May 4, 2023.