Groundbreaking marks the start of a 252-unit, fully affordable community in Rochester expected in 2028
ROCHESTER, Minn. (Oct. 28, 2026) – DevCo Residential Group, through its affiliates DevCo Development and DevCo US Construction, celebrated the start of construction on a 252-unit affordable multifamily community in Rochester with a groundbreaking ceremony on Oct. 5. Investors, lenders, subcontractors, community leaders and other project partners joined the DevCo team for the event, which marked DevCo’s first new-construction multifamily project in Minnesota and its first community in Rochester.
“As we turn the first shovels of dirt, let us envision the future that awaits us — a thriving hub of activity, a gathering place for friends and families, and a beacon of hope and opportunity,” remarked Sam Buckingham, President of DevCo US Construction. “This moment is not just about breaking ground; it’s about building dreams, fostering community, and shaping the future by providing affordable housing, here, near and far.”
Every apartment home will be income-restricted for households earning 30%, 50% or 60% of the area median income (AMI), with incomes averaging 50% AMI across the property. The community will include 64 one-bedroom, 125 two-bedroom and 63 three-bedroom apartment homes, making it well suited for growing families. Amenities will include a fitness center, community clubroom, playground, dog park and on-site parking.
“This is not your typical workforce housing project.” said Trevor Martinez, Development Manager. “While many apartment communities that are built in Minnesota are restricted to a level of affordability at 60% of the area median income, this project will be provided to families primarily at the 50% AMI affordability level. And, because of the efficient design, financing and construction components, it was able to achieve that without significant state or local soft funding or other subsidies.”
U.S. Bank is the project’s investor and limited partner, and Colliers is the lender, with additional support from the Minnesota Housing Finance Agency and the City of Rochester. DevCo US Construction is the general contractor, Kaas Wilson Architects is the architect and Kimley-Horn is the civil engineer. Speakers at the ceremony included Nathan Thorvilson [title] of U.S. Bank, Anthony Schulze [title] of Colliers and Randy Schubring [title] of the City of Rochester.
Construction is expected to be completed in 2028. The community’s official name will be announced before it opens.
###
About DevCo Residential Group
DevCo Residential Group is an integrated development, investment, and property management company focused on multi-family communities. Founded in 1994, the company and its affiliates develop, own, and manage over 10,000 affordable and market rate apartment units throughout the United States. DevCo Residential Group’s mission is to develop, construct, and manage high-quality multifamily housing that provides stability, fosters growth, and delivers long-term value to our residents and stakeholders. Headquartered in the Greater Seattle Washington Area, DevCo is one of the largest providers of affordable housing in Washington state.