STEWARTVILLE – A real estate investor bought Stewartville’s newest apartment complex for $ 10.5 million on New Years Eve.

Stewartville Flats LLC bought Apartments 55

at 1501 11th Ave. NW in Stewartville on December 31st. The Eau Claire, Wisconsin-based company led by Matt Onofrio has made a down payment of $ 1.88 million as part of the deal.

Flats 55, which predictably has 55 units, began renting in the spring of 2021. It offers two-bedroom apartments ranging from $ 1,850 to $ 1,560 per month and one-bedroom units ranging from $ 1,600 at $ 1,095 per month.

the Town of Stewartville has also recently given its approval for the construction of a second phase of Flats 55, a complex of 60 units.

Onofrio, who has been very active in buying and selling properties in the Rochester area for the past two years, has purchased Flats 55 from three Rochester companies – Kane Holdings LLC, BLS Stewartville LLC and Groteboer Holdings LLC – as good as K Nash Holdings LLC, based in Mound-Minn.

Rochester Real Estate Agent Merl groteboer represented the buyers and sellers in the transaction.

Olmsted County estimated the total market value of Flats 55 at $ 4.47 million for 2021-2022.

Jeff Kiger follows trade action in Rochester and Southeast Minnesota every day on “Heard on the Street”. Send advice to

[email protected]

or via Twitter at


. You can call him at 507-285-7798.