10 hours Ago By Jeff Kiger
ROCHESTER – Rochester’s Black Swan Living recently paid $4 million to buy Meadow Park Apartments, a 1970s apartment complex that “needs a lot of love.” Black Swan Living, a housing investment group with its own property management team, is led by Nick and Dr. Elaine Stageberg.
ADVERTISEMENT Black Swan purchased the 89-unit, three-building complex at 412 14th St. SE/ 1426 Fourth Ave. SE on April 3.
It was built in 1973 and 1977. While Black Swan is known for buying older apartment complexes and townhome communities throughout Southeast Minnesota to upgrade, the condition of Meadow Park is rougher than its other purchases. “Meadow Park needs a lot of love, a lot of resources and a lot of money poured into it, more than any property (we’ve) ever purchased before.
So we're going to do that. The city really wants to preserve affordable housing and we’re working closely with the city on this project,” said Nick Stageberg of the investment. Factoring in recent Minnesota purchases in Austin, Apple Valley and Anoka, he estimated that Black Swan currently owns about 1,500 housing units.
They also have a property management firm that manages housing units owned by others. Multi-family properties are the majority of their holdings with residential homes making up less than 2% of their portfolio. Renovating properties does spur higher costs for the renters.
However, the Stagebergs say keeping housing affordable is a primary goal. “I grew up in Section Eight housing, and the majority of our portfolio — 60% to 65% — is considered affordable,” said Nick Stageberg. “I grew up in Rochester and live here, which I hope is better than having an owner that lives in New York City or somewhere else.
” ADVERTISEMENT Black Swan owns more than 1,000 rental units in Rochester. Black Swan was known for buying apartment complexes like Residence at Old City Hall and Nue 52, but it has recently been expanding its townhomes holdings. This is Black Swan’s latest Rochester acquisition.
The housing firm also owns Old City Hall, Georgetowne Homes, Uptown Apartments, The Furlow, The Zick, The Lofts, Residence at Discovery Square and more..
