CBRE Brokers the First Sale of Urban, Class A Apartments in Minneapolis-St. Paul Since 2008
- Nov 07, 2013
Minneapolis—Dallas-based L&B Realty Advisors has purchased the Lake Calhoun City Apartments in Minneapolis for $37.25 million.
CBRE’s Abe Appert, Ketih Collins and Laura Hanneman represented the seller, Lake Calhoun City Apartments LLC, an entity owned by Farmington Hills, Michigan-based Village Green Companies and Minneapolis-based The Ackerberg Group, while financing for the community, L&B Realty’s first apartment purchase in the Minneapolis-St. Paul market, was provided by CBRE Capital Markets’ Minneapolis-based Murray Kornberg and Joel Torborg and Dallas-based Mike Bryant and Jay Wagley.
The teams were able to secure low-leverage, long-term interest-only permanent financing for L&B Realty through State Farm Life Insurance Company, CBRE’s correspondent lender.
The project was developed on a surface parking lot near the Lake Pointe Corporate Centre and was the product of a Village Green and The Ackerberg Group joint venture. The four-story, 158-unit community, designed by BKV Group, was completed in 2007 and offers studio, one-, two- and three-bedroom apartment floor plans, as well as two- and three-bedroom townhouse floor plans. The residences feature wood flooring, island kitchens with granite countertops, oversized windows and bathrooms with large soaking tubs.
The community includes an indoor-outdoor pool with sun deck, grills and an outdoor fireplace, a state-of-the-art fitness center and concierge service that includes package pick-up and dry-cleaning.