The Colonial Flats was an apartment building just south of the Prescott Hotel at 19-21 7th Street South.
It was built by the North Dakota Improvement Company, about 1905. The building was expanded south, to 1st Avenue in 1907. The south addition was called The Park, likely after nearby Island Park.
A fire destroyed much of the north building in about 1927, when hot coals were thrown down the garbage chute. The south portion of the building was saved and restored as the Park Apartments. The building was known as the Wilson Apartments from 1965 to 1983. Presumably it was named after the builder, Stanley Wilson.
When the building was purchased in 1983 and renovated by Gene Shannon, he renamed the building The Prescott for its former neighbor, the Prescott Hotel.
Thanks to Gene Shannon for sharing information about the building's history.
“The N.D. Improvement Co.’s new flat building in course of erection on the corner of Seventh street and First avenue south”, Fargo Forum and Daily Republican (27 April. 1907): 22.