Lion Rock Properties Acquired LaSalle Plaza Apartments
The firm purchased the 123-unit Minneapolis building and plans to renovate the property under a new name.
Updated on Sept. 25, 2026 in Commercial
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Lion Rock Properties has finalized its purchase of the LaSalle Plaza Apartments in downtown Minneapolis. The 12-story building, located at 36 S. Ninth St., is set to be rebranded as The Plaza at LaSalle.
Why it matters
The acquisition marks the latest expansion for Lion Rock Properties in Minneapolis as it continues to grow its local portfolio. The firm intends to upgrade the property to 2026 standards to remain competitive in the downtown market.
The property at 36 S. Ninth St. spans 12 stories and contains 123 residential units. The site features a skyway connection to LaSalle Plaza and was originally converted from a YMCA in the 1990s.
The players
Lion Rock Properties
This real estate firm is an active investor in the Minneapolis residential market.
TE Miller
This company served as the previous owner of the LaSalle Plaza Apartments.
Cushman & Wakefield
This global commercial real estate services firm manages property sales and brokerage.
The details
Cushman & Wakefield brokers facilitated the sale from the previous owner, TE Miller. Following the acquisition, the new ownership will begin a modernization project to bring the unit interiors up to current market expectations.
Timeline
The building was converted from a YMCA in the 1990s.
The property was officially listed for sale in October 2025.
Lion Rock Properties purchased three Loring Park properties in late 2025.
The acquisition was reported as of September 25, 2026.
Roadmap
The acquisition reflects a broader trend of private investment firms targeting older downtown Minneapolis properties for interior upgrades. This strategy positions Lion Rock Properties to compete against newer developments in neighborhoods like the North Loop.
Residents of the building may experience transition-related activity as the new owners begin planned unit upgrades. The shift to The Plaza at LaSalle suggests a forthcoming focus on modern amenities for downtown apartment dwellers.
The takeaway
The rebranding of this downtown building underscores the continued demand for updated rental stock in Minneapolis. Prospective renters should anticipate interior improvements as the new management aligns the property with current city standards.
Further reading
For more on market activity, visit the Commercial section.
Source note: This article includes information reported by Finance & Commerce.
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