30-05-2025
Twin Cities housing nonprofit paid $5.41 million for Rochester town homes
May 30—ROCHESTER — A St. Paul-based nonprofit developer with a focus on affordable housing recently paid $5.41 million for a northwest Rochester townhomes complex as its first investment in the Med City.
The Twin Cities Housing Development Corp., under the name of Innsbruck, LLLP, purchased the aging 40-unit Innsbruck complex at 1530 50th St. NW on May 27,
Twin Cities Housing Development has built or renovated over 2,940 units of housing in the Twin Cities in the past 41 years. While the Twin Cities is its primary focus, it does consider any communities within two hours in its geographic range. It did acquire and upgrade a 48-townhome complex in Owatonna last year.
This is the nonprofit's first foray into Rochester.
"We love the Rochester market. There's just so much energy there," said Ken Isaacson, Twin Cities Housing's Development Manager.
Isaacson explained that the plan is to make improvements to Innsbruck, while keeping it as low-income affordable housing with the help of Low Income Housing Tax Credits and other means. Innsbruck is fully occupied.
"The site itself is in good shape, but it needs some TLC," he said.
Nath & Associates of Bloomington, Minn. sold the 43-year-old property. Nath, which also owns The Quarters in Rochester, had owned Innsbruck since 2015, when it paid $2.85 million to buy it.
Olmsted County estimated the total market value of the Innsbruck complex at $4.61 million for 2025-2026.
