Red44, a 159-unit apartment complex in Rochester, has sold to Regency for $34 million. JLL marketed the property on behalf of Roers Cos. Investments, LLC & Reuter Walton Development.

Built in 2017, Red44 was developed using a private-funding model whereby high-net-worth individuals from the region invested in the project, so proceeds from the sale will remain in the area.

Red44 received over 15 offers from across the country and was the biggest per-unit haul for an apartment property in the city’s history. With proven growth potential in Rochester, Regency has acquired a strong asset.

Thanks to all of our project development partners, investors, and brokerage team for your work on Red44.

Subscribers can learn more about the sale from Finance & Commerce.