Wisconsin Real Estate Firm Expands Investment in Stewartville with $6.5 Million Townhome Purchase

What's Happening?

A Wisconsin-based real estate company, PRE/3, has made a significant investment in Stewartville, Minnesota, by purchasing a townhome community for $6.5 million. This acquisition follows their earlier purchase of an apartment complex in the same area for $9.35 million, bringing their total investment in Stewartville to $15.85 million within a month. The townhome community, known as the Cottages of Stewartville, consists of 61 units across five buildings. The property was sold by Cottages of Stewartville, LLC, led by Brian Solrud. The Olmsted County has estimated the market value of the 30-year-old property at $5.61 million for the years 2025-2026. PRE/3, which manages over 17,000 units across 16 states, also owns other properties in the region, including the Flats 55 apartments and the TwentyFirst Ave. Apartments in Rochester.

Why It's Important?

This investment by PRE/3 highlights the growing interest in the Stewartville area as a viable market for real estate development. The acquisition of the Cottages of Stewartville indicates confidence in the local housing market and suggests potential economic growth for the region. For the community, this could mean increased property values and a boost in local economic activity. For PRE/3, expanding their portfolio in Stewartville aligns with their strategy of managing a diverse range of properties across multiple states. This move could also attract other investors to the area, potentially leading to further development and economic opportunities.

What's Next?

Following this acquisition, PRE/3 may focus on managing and possibly upgrading the newly acquired properties to maximize their investment. The company might also explore additional opportunities in the Stewartville area or other regions with similar market potential. Local stakeholders, including residents and businesses, will likely monitor these developments closely, as they could impact housing availability and local economic conditions. Additionally, the real estate market in Stewartville may see increased interest from other investors, potentially leading to more competitive property valuations.