WOODBURY, MN - An affiliate of CAPREIT Inc. has acquired its fourth multifamily property in the Minneapolis-St. Paul metropolitan area within the past couple of years.

The Rockville, MD- based owner and operator partnered with an institutional equity group to purchase the Classic at the Preserve, which is comprised of 282 apartments, a clubhouse, and two swimming pools. The sales price was more than $35 million. The property was built in two phases, the first phase in 1998 and the second in 2001. It had been owned by Steve Liefschultz since it was constructed. Keith Collins, Abe Appert, and Laura Hanneman of CBRE's Minneapolis office represented the seller, "CAPREIT plans to extensively modernize and upgrade the property over a period of years," Ernie Heymann, Senior Vice President of CAPREIT, says in a release. "Initial exterior, interior, and common area improvements will be seen later this year. Renovation plans also call for upgrading the interior of the apartment units," Heymann continues. CAPREIT owns three other properties in the area including White Bear Woods in White Bear Lake, The Addison in Shakopee, and Eagle Pointe in Hastings. It is a private real estate operating company that manages and owns multifamily properties throughout the United States.