ROCHESTER — Rochester’s Black Swan Living recently paid $20.3 million for the Georgetowne Houses to add 132 townhouse units to its local housing portfolio.
Black Swan Living, led by Nick and Dr. Elaine Stagebergpurchased the Georgetowne community along 55th Street Northwest as two parcels of 132 townhomes on 16 acres on August 15.
Georgetowne, originally built by Weis Construction Company was sold by Oshkosh, Wisconsin, in the early 2000s Clark CapitalUnder the name 2670 Georgetowne Place, LLCClark Capital purchased a parcel from Georgetown Homes for $12.35 million in 2021. It purchased the rest of the townhomes in 2022 for $3.75 million.
Black Swan, a residential real estate investment group with its own property management team, owns more than 1,000 rental units in Rochester, including apartment complexes, townhomes and single-family homes. Black Swan was known for purchasing apartment complexes such as
Residence in the Old Town Hall and Nue 52but has recently expanded its portfolio of terraced houses.
“We really like townhouses. … I think they are a critical part of solving the housing crisis. Single-family homes are less affordable than they used to be and more difficult to build,” said Nick Stageberg. “Townhouses offer many of the benefits of a single-family home, but with the cost-effectiveness of an apartment building.”
Black Swan, which owns 350 townhouses in the area, recently completed the expansion of its Stone Haven project in Byron, adding 115 townhouses to the original core of 30 townhouses. The company also owns Rochester’s Dakota Townhomesformerly called Douglas Trail Townhomes.
“Georgetowne is a really beautiful campus that’s surrounded by greenbelt on three of the four sides. Even though it’s in a fairly built-up area, it just has a really nice vibe,” Stageberg said. “They’re large units. Weiss did a really good job building them and they’ve aged really well.”
The townhouses have two to three bedrooms and a private garage.
This is Black Swan’s latest acquisition in Rochester. The homebuilder also owns The Furlow, The Zick, The Colby, The Lofts, Residence at Discovery Square and more.
