realestate

Rochester apartment market sizzles with $5.5 million complex purchase

Med City commercial real estate market heats up with several deals over $1 million, including an $5.58M apartment complex sale in southeast Rochester.

T
he Rochester commercial real estate market has been heating up this summer, with several deals exceeding $1 million. A notable transaction was the purchase of the Andover Park Apartments by Ombroz, LLC for $5.58 million. The 80-unit apartment complex, located at 1902 and 2008 8 ½ St. SE in southeast Rochester, consists of two buildings on 5.45 acres.

    Ombroz made a $50,000 down payment to acquire the 47-year-old apartments, which were sold by KEG Rochester Apartments, LLC, based in Columbus, Ohio. The property features apartments with monthly rents ranging from $1,050 to $1,170 and has potential for further development, according to recent listings.

    In another transaction, Menard, Inc. sold 1.64 acres of open land at 8725 Prairie Vista Dr. NW to Main & Main Capital Group of Frisco, Texas, for $1.3 million. The deal closed on June 20, and the planned use for the land is listed as "Retail / Vehicle Land / Service Repair Shop."

    Additionally, Tenet Equity Funding SPE IV, Inc., a Scottsdale-based company, purchased Rochester Meat Co.'s facilities for $13.1 million in an initial transaction. However, the combined total of the deal reached $20.5 million after additional details were released by the state. The purchase includes the Rochester Meat processing plant and other buildings at 825 Seventh St. NW and 1232 Valleyhigh Dr. NW, as well as a 36-year-old industrial building at 4239 W. US 14 used by Rochester Meat.

Rochester apartment complex purchase: $5.5 million deal in downtown Rochester, NY.