Jan. 12—ROCHESTER — In the first big real estate deal of 2024, a national firm purchased the Maven apartment complex in downtown Rochester for $37.31 million.

Northland Investment Corp. bought the 154-unit, mixed-use complex at 429 S. Broadway from First Broadway Rochester, LLC on Jan. 9, 2024. The Massachusetts-based Northland made a down payment of $9.73 million, according to state documents.

A joint venture of

Rochester’s Titan Development,

Minnetonka-based Opus Development Co., and the Berkshire Group built the Maven in 2018.

When the group filed plans for the building in 2017, it was allowed to build for nearly double standard density for the area by agreeing to commit

the 9,000-square-feet of ground-floor space

for retail use, which was later expanded to include restaurant use.

Olmsted County estimated the total market value for the property at $30.8 million for 2023-2024 with $28.6 million for the residential part and $2.15 million for the commercial space.

Northland describes itself as “a real estate private equity firm with $8 billion of assets under management, including more than 26,000 residential units and 2.1 million square feet of commercial space, and a $3 billion development pipeline.”

The Maven acquisition is Northland’s second investment in Rochester as well as its second one in Minnesota.

Northland purchased SoRoc on Maine,

an 186-unit garden community with buildings along Maine Avenue Southeast, for $35.34 million in 2022. Northland has been working on a

$28 million expansion of SoRoc

to add two more buildings with an additional 190 units. That expansion is expected to be completed early this year.

SoRoc, which was built as Maine Heights in 2016, is located behind Subaru of Rochester in the Shoppes on Maine area.