Built 2019 to 2024 · 115 units · Byron, MN
Acquired 2020 · $7.45M
Summary: Stone Haven Townhomes stands as a testament to our real estate development vision, with 115 Class A+ townhomes that we built from the ground up. These spacious luxury units range from 1,609 to 1,790 square feet, and every home comes with its own attached two-car garage.
Built 2019 · 150 units · Rochester, MN
Acquired 2023 · $27M
Summary: This Class A urban core asset is one of the nicest buildings in Rochester. When we bought it, the first-floor commercial space had sat vacant since the day it was constructed. We transformed that space into 36 additional residential units, unlocking value the building had been missing from the start.
Built 1932 · 22 units · Rochester, MN
Acquired 2022 · $5M
Summary: Boasting an excellent location in the heart of downtown Rochester, this historic gem has been preserved with care. We’ve kept its legacy charm (and increased its value) with light, tasteful renovations. Another fantastic heritage property revitalized.
Built 2015 · 84 units · Rochester, MN
Acquired 2021 · $23M
Summary: The Nicholas boasts 84 Class A units in an unbeatable downtown Rochester location. We’ve enhanced the Nicholas’s value with management upgrades and tasteful renovations, keeping it a highly sought-after property for years to come.
Built 1921 · 26 units · Rochester, MN
Acquired 2021 · $2M
Summary: This beautiful 26 unit building was built in the 1920s, and we’ve done extensive unit renovations while maintaining the historic charm of the building itself. We even found room to add a brand-new unit, breathing new life into one of downtown Rochester’s classic buildings.
Built 2017 · 62 units · Rochester, MN
Acquired 2022 · $5M
Summary: With a phenomenal location as one of just three multifamily properties in Rochester directly on the river, The Riverview is a true standout. We’ve done light unit renovations with fresh paint, new appliances, and LVP, along with dramatic hardscaping and landscaping improvements and a new dog park. We even transformed unused office space into a brand-new fitness facility.
Built 2001 · 100 units · Rochester, MN
Acquired 2022 · $11M
Summary: Acquired in October 2022, Dakota Townhomes boasts 100 units under Section 42 housing. We achieved significant renovation progress, revitalizing half the property. Alongside management enhancements and tenant turnovers, our landscaping efforts have notably uplifted the community’s feel.
Built 1972 · 64 units · University Place, WA
Acquired 2021 · $9.8M
Summary: Built in 1972, Garden Court West is a 64-unit community with a pool, clubhouse, and courtyard. We completely remodeled the units, common areas, and landscaping, and made real improvements to how the community is managed day to day.
Built 1966 · 32 units · Rochester, MN
Acquired 2021 · $2.6M
Summary: Built in 1966 and acquired in 2021, Midtown offers 32 units across four two-story buildings. Its great location close to downtown Rochester puts residents just minutes from everything the city has to offer.
Built 1926 · 22 units · Rochester, MN
Acquired 2021 · $5.02M (with The Hamilton)
Summary: A century-old architectural marvel, The Furlow has been meticulously transformed through extensive renovations. Located in the vibrant heart of downtown Rochester, this project spoke to our deep passion for revitalizing and adding value to historic properties.
Built 2014 · 20 units · Rochester, MN
Acquired 2021 · $3.7M
Summary: A modern gem built in 2014, The Lofts is strategically located in the heart of downtown Rochester, right across from the site of Mayo Clinic’s major downtown expansion. The building offers 20 alcove and one-bedroom units.
Built 2015 · 83 units · Rochester, MN
Acquired 2021 · $12.75M
Summary: Nue 52, a collection of 83 Class B units built in 2015, is a testament to strategic management and renovation. After acquiring it in August 2021, we swiftly addressed vacancies, enhanced units, improved common areas, and even introduced a dog park and a theater room.
Built 2010 · 24 units · Rochester, MN
Acquired 2021 · $5.02M (with The Furlow)
Summary: Acquired in 2021, The Hamilton boasts 24 units from a 2010 build, this asset was in impeccable condition upon purchase. A truly hassle-free property, it requires minimal maintenance and no renovations. Our strategy revolves around maintaining its pristine status, optimizing rental rates, and enhancing leasing operations to ensure consistent returns.
Built 1967 · 32 units · Rochester, MN
Acquired 2023 · $2.65M
Summary: Acquired in April 2023, The Colby presents a unique opportunity with its 32 units. While it’s a Class D building, its prime Class A location and invaluable zoning make it a future redevelopment goldmine. We’ve completed light renovations with updates like luxury vinyl plank flooring.
Built 1921 · 19 units · Rochester, MN
Acquired 2021 · $1.4M
Summary: The Zick, a captivating century-old building in a prime downtown Rochester location, was acquired in December 2021. Comprising 19 units, this historic building has been meticulously renovated, speaking to the property’s enduring appeal and our commitment to value enhancement.
Built 1969 · 24 units · Rochester, MN
Acquired 2021 · $2.93M
Summary: Acquired in November 2021, Andrew Apartments boasts 24 units in a prime A+ location in downtown Rochester, just a short walk from Mayo Clinic. Subtle renovations brought in quartz countertops and stainless steel appliances while keeping the building’s classic feel.
Built 1967 · 18 units · Rochester, MN
Acquired 2021 · $2.3M
Summary: George Apartments, secured in November 2021, is a collection of 18 units set in a coveted A+ Rochester locale. Post light renovations, the property has consistently delivered on rent growth and robust leasing.
Tacoma, WA
Acquired 2022 · $5M
Summary: Garfield Apartments is a historic mixed-use property in Tacoma. We turned over problematic commercial tenants, refreshed the residential units with new paint, trim, and flooring, and improved the common areas and exteriors.
Built 1925 · 63 units · Tacoma, WA
Acquired 2023 · $8.05M
Summary: Acquired in May 2023, Kensington & Lauriston Apartments comprise two Class C buildings with a total of 63 units, strategically located in a prime Tacoma neighborhood. We’ve completed a mix of light and heavy renovations, replaced the electrical panels for safety, and added exterior lighting.
Built 1970s · 130 units · Tacoma, WA
Acquired 2022 · $24.15M
Summary: A 1970s community that had never been renovated, Tanara Villa’s 130 units presented a true value-add opportunity. We took on an exhaustive renovation of every unit, the common areas, and the exterior, along with a major landscaping project that transformed the central lawn with pergolas and a dog park.
Built 1980s · 12 units · Rochester, MN
Acquired 2022 · $1.6M
Summary: We had a transformative impact on the Hamptons Townhomes, not only elevating the aesthetics with light renovations, but rejuvenating the surrounding community in the process. Completed just 11 months post-purchase, this project stands as a testament to Black Swan’s efficiency and dedication to community enhancement.
30 units · Tacoma, WA
Acquired 2024 · $4.2M
Summary: This 30-unit apartment building sits in a prime downtown Tacoma location with peekaboo views of Commencement Bay, just down the street from Kensington & Lauriston. We secured this off-market deal and have added value through deep renovations and significant management improvements.
Built 2017 · 29 units · Rochester, MN
Acquired 2024 · $5.35M
Summary: This 29-unit Class A apartment building is in an unbeatable location just blocks away from the Mayo Clinic. Built in 2017, it needed no major renovations when we acquired it, and it remains a quiet, high-quality asset in our portfolio.
Built 1970 · 34 units · Tacoma, WA
Acquired 2024 · $5M
Summary: This 34-unit LIHTC garden-style community in Tacoma has been completely transformed. We opened up unit layouts, redesigned kitchens with large island countertops and updated cabinetry, and added in-unit washers and dryers.
132 units · Rochester, MN
Acquired 2024
Summary: Spread across a wooded campus in northwest Rochester, Georgetown Townhomes offers 132 two-story townhomes, each with its own attached garage, in a mix of market-rate and income-restricted homes. We’ve renovated many of the units and strengthened day-to-day management and compliance across the community.
72 units · Austin, MN
Acquired 2024 · $4.2M
Summary: Located in Austin, Minnesota, home to Hormel Foods’ headquarters, Northern Place brings 72 units across three buildings into our portfolio. Since acquiring it in 2024, our team has steadily worked through unit renovations across all three buildings.
Built 2025 · 56 units · Byron, MN
Summary: Stone Haven Apartments continues our development work in Byron. We built this 56-unit Class A community from the ground up, timed construction so units could pre-lease right into the busy leasing season, and completed it ahead of schedule and $400,000 under budget.
Built 2001 · 112 units · Apple Valley, MN
Acquired 2025 · $20.3M
Summary: Boulder Ridge pairs 48 townhomes with 64 apartments, all built by a single-family home builder, and it shows in floor plans that run from 1,007 to 1,928 square feet. We inherited a long backlog of repairs, worked through every item, and gave the common areas new lighting, fresh paint, and a cleaner, brighter feel.
Built 1972 · 105 units · Anoka, MN
Acquired 2025 · $10.2M
Summary: Starting out as a two-story hotel, Rainbow Plaza was converted into a four-story apartment building in 1989. Our team was on site from day one catching up on overdue maintenance, refreshing the signage and grounds, bringing in high-speed internet, and updating units.
Built 1973 · 90 units · Rochester, MN
Acquired 2025 · $4M
Summary: Meadow Park came to us after years of neglect, with pests, hidden water damage, and safety concerns. The city had been hoping someone would step in, and we did. We met every household face to face, brought in professional pest remediation, and installed security cameras across the property. We also rebuilt the exterior with new roofing, siding, and trim.
Built 2005 · Rochester, MN
Acquired 2025
Summary: Our team was already working out of 2765 Commerce Drive when we bought the building in 2025. It’s Black Swan’s headquarters in northwest Rochester, close to many of the communities we manage. It’s also where we host our quarterly webinars, so if you’ve joined one, you’ve already seen the inside.
Built 1991 · 288 units · Rochester, MN
Acquired 2025 · $40.4M
Summary: Long before we owned it, Villages at Essex Park was one of Nick’s childhood homes. Today we care for its 17-acre campus, with a mix of market-rate and income-qualified apartments. Since closing, we’ve replaced more than 20 roofs and secured the community with keypad locks on every unit and over 100 security cameras.
32 units · Rochester, MN
Acquired 2025 · $3M
Summary: Northern Hills added 32 two-bedroom apartments in northeast Rochester to our portfolio at about $94,000 per unit. Each apartment comes with its own washer, dryer, and central air.
Built 1986 · 63 units · Rochester, MN
Acquired 2026 · $8.45M
Built 1984 · 28 units · Rochester, MN
Acquired 2026 · $3.4M
Built 1995 · 48 units · Circle Pines, MN
Acquired 2026 · $5.2M
Built 1985 · 16 units · Rochester, MN
Acquired 2026 · $2.025M
Built 2016 · 44 units · Rochester, MN
Acquired 2026 · $7.275M
48 units · Bloomington, MN
64 units · Bloomington, MN
112 units · Bloomington, MN
142 units · Bloomington, MN