WOODBURY, MN—An affiliate of CAPREIT Inc. recently purchased the Classic at the Preserve apartment complex here from Steve Liefschultz for more than $35 million.

The trust joined with an unnamed institutional equity group to buy the complex. The property, which was built in two phases, the first phase in 1998 and the second in 2001, is comprised of 282 apartments, a clubhouse, and two swimming pools.

Ernie Heymann, senior vice president at CAPREIT, said in a statement that the trust plans to modernize and upgrade the property over the next few years. "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," he said.

Keith Collins, Abe Appert, and Laura Hanneman with CBRE's Minneapolis office represented the seller, an entity owned by Liefschultz.