A Texas firm has purchased Lake Calhoun City Apartments in Minneapolis for $37.25 million.

L&B Realty Advisors of Dallas bought the 158-unit property, which is located adjacent to Lake Calhoun, from Lake Calhoun City Apartments LLC, an entity owned by Michigan-based Village Green, and the Ackerberg Group in MInneapolis. CBRE's Minneapolis office represented the sellers.

The project was jointly developed in 2007 by Village Green and Ackerberg on a surface parking lot adjacent to the Lake Pointe Corporate Centre, an office building owned by the Ackerberg Group. The apartments share an underground parking facility with the office building, a commercial property still that is still owned by the Ackerberg Group.

The sale of the complex is the first urban Class A apartment community sold since 2008, and is L&B Realty Advisor's first apartment acquisition in the Twin Cities area. Founded in 1965, L&B provides real estate investment management services to clients, and has $6.1 billion under management. 

Janet Moore covers commercial real estate for the Star Tribune.

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