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Jan 16, 2024

Northland Expands Presence in Midwest with Strategic Acquisition of The Maven on Broadway

(January 16, 2024) Rochester, MN – Northland, a national real estate private equity firm, has successfully acquired The Maven on Broadway, a strategically positioned 154-unit residential property in the heart of Rochester, Minnesota. This marks Northland’s third venture in the Midwest – and first urban mid-rise – highlighting the diversity across its growing portfolio.

 

The Maven on Broadway is a mixed-use property, featuring 154 units over five stories of residential living, above a two-story concrete garage, located steps away from the Mayo Clinic and the Destination Medical Center (DMC) expansion. The property also includes 9,347 square feet of unleased ground floor retail space. “We’re very excited to be a part of the future growth of downtown Rochester and deeply believe in the value that public-private partnerships like the DMC can deliver to a growing city. The Maven offers prospective Northland residents an increased variety of rental options by adding a class A, downtown mid-rise to the local portfolio to complement our existing garden-style community, SoRoc on Maine,” said Mike Campbell, Vice President of Investments at Northland.

 

Originally developed in 2019, The Maven offers a mix of studio, 1-bedroom, 2-bedroom, and elevated penthouse units. The property’s amenity package includes multiple outdoor spaces, a sky deck with a pool, a 6th-floor speakeasy bar and lounge, fitness center, executive work pods, pet spa and grooming station, and a package room. Interior features include hard surface plank flooring, espresso cabinets, stainless steel Whirlpool appliances, granite countertops, tile backsplash, and select units with prep islands and patio/balconies.

 

Northland’s commitment to the Rochester community is evident through its long-term vision, culminating in a $120 million combined investment over the last two years across two acquisitions and one development. In addition to The Maven, the firm acquired SoRoc on Maine, a 186-unit garden-style community, in February 2022. Northland broke ground on the development of a 194-unit expansion in October 2022. Speaking on Northland’s portfolio for the area Campbell stated, “Our commitment to Rochester extends beyond individual acquisitions. We are investing in the city’s growth and community. The development of SoRoc on Maine and the acquisition of Maven on Broadway is a testament to our long-term commitment to this dynamic market.”