Developer paid $3.54 million for Fourth Street properties to build a new apartment complex

Developer paid $3.54 million for Fourth Street properties to build a new apartment complex

ROCHESTER — A Santa Monica, California, housing developer recently paid $3.54 million for four properties combined along Fourth Street Southeast in preparation to build a 149-unit apartment complex. Lincoln Avenue Communities, which specializes in constructing and managing housing with rents below market rate, purchased the two former Rossi Auto Body buildings and a commercial/residential building plus open lots on June 24. The properties are ju…