Search
 

Woodbury Apartments Sell For Over $35 Million in MN

WOODBURY, MN - An affiliate of CAPREIT Inc. has acquired the Classic at the Preserve apartments from Steve Liefschultzfor more than $35 million.

By Chip Barnett | Updated on January 17, 2013

    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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.