New owner buys Rochester's Hue apartments for $14 million

·1 min read

Jan. 14—ROCHESTER — Another downtown Rochester apartment complex has a new owner following a $14 million transaction.

The Hue

apartments at 33 Fourth St. SW were purchased by Mora, Minn.-based Gorham Housing Partners III, LLP on Dec, 29. Gorham, which is linked to Oakwood Property Management in Mora, paid a $3.6 million down payment for the property.

The 50-unit complex stands on the former site of

Gallery 24/The Creative Salon

next to

318 Commons

. Minnwest leases space for a bank branch on the street level of the complex.

Acky-324 LLC of Minneapolis, led by Stuart Ackerberg, was the seller. Ackerberg developed The Hue with the help of

North Rock Real Estate

. It opened in August 2020.

Soon after it opened, Ackerberg told the

Destination Medical Center

staff that "The energy, growth, innovative contributors, and social scene all contribute to excitement that could not be ignored. Destination Medical Center, together with Mayo Clinic and University of Minnesota Rochester, create a compelling story in which we wanted to participate."

Ackerberg bought the property in June 2019 for $2.2 million from 988 Rochester LLC. In April 2019, 988 Rochester purchased it from 324 1st Ave SW LLC for $1.2 million.

Olmsted County estimated the total market value of the building and the land at $6.52 million for 2021-2022.

Jeff Kiger tracks business action in Rochester and southeastern Minnesota every day in "Heard on the Street." Send tips to

jkiger@postbulletin.com

or via Twitter to

@whereskiger

. You can call him at 507-285-7798.

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