Lion Rock Properties Acquires LaSalle Plaza Apartments In Minneapolis For $10 Million From TE Miller

The property involved in this transaction is the LaSalle Plaza Apartments, a multifamily asset located at 36 South 9th Street in Minneapolis, MN. The sale price for the 123-unit property was $10 million, resulting in a price per unit of $81,300. The property will undergo rebranding and renovations to achieve modern standards.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $10,000,000
• Buyer: Lion Rock Properties
• Seller: TE Miller
• Brokers: Lance Steiger, Evan Miller, Chris Collins & Erin Salway - Cushman & Wakefield
• Units: 123
• Price Per Unit: $81,300

Cushman & Wakefield facilitated the sale, representing both the buyer, Lion Rock Properties, and the seller, TE Miller, in this transaction. The decision to renovate and rebrand the property as The Plaza at LaSalle demonstrates the buyer's intent to enhance the asset's value and appeal in the market.