Regency Multifamily expands portfolio
Regency Multifamily, headquartered in Champaign, has recently expanded its portfolio with the acquisition of The Pines of Rochester property located in Rochester, Minn. Regency owns, manages and develops apartment communities throughout the Midwest, including three luxury communities in Champaign.
The Pines of Rochester was completed in 2017 and includes 192 units comprised of one- and two-bedroom luxury apartments. Although Regency Multifamily purchased the Pines this month, it took over property management in January. Within 60 days of Regency Multifamily managing The Pines, the occupancy rate rose from 60 percent to 97 percent with a waitlist.
Regency Multifamily spent over $1 million to improve the Pines property over the last few months. Amenities include upgraded common areas to include designer furniture and art, high-tech fitness centers with on-demand yoga/spin classes, leash-free dog park with walking paths, playground area and free weekday shuttle service to and from the Mayo Clinic and the downtown area.
Regency Multifamily developed, owns and manages Gentry Square, Windsor West and The Legends of Champaign apartment communities in Champaign. Each of the three properties offers residents resort-style living experiences including outdoor living spaces, leash-free dog parks, the area’s only geo-thermal apartment community, free golf, on-demand yoga/spin classes and more.