KBS Legacy Partners Apartment REIT, a Newport Beach, CA-based, non-traded real estate investment trust backed by KBS Capital Advisors LLC and Legacy Partners Residential Realty, has acquired the Watertower Apartments at 12300 Singletree Ln. in Eden Prairie, MN for a reported $38.37 million, or about $168,000 per unit.
The 228-unit, 228,775-square-foot, multifamily community was built in 2003 on 5.6 acres in the I-494 Corridor submarket of Hennepin County. The property is comprised of 10,065 square feet of retail space along with 164 one-bedroom, 63 two-bedroom and a single three-bedroom apartment with asking rents between $1,025 and $2,100 per month. Numerous amenities at the site include underground parking, a clubhouse, fitness center, conference rooms, playground, swimming pool, sports courts and picnic area. The asset was 96 percent leased at the time of sale.
"We are very pleased to add Watertower Apartments to the KBS Legacy Partners Apartment REIT portfolio," said W. Dean Henry, chief executive officer of KBS Legacy Partners Apartment REIT. "The property boasts location, amenity and design advantages that we believe rival anything in the greater Minneapolis market."
Matthew Lawton, Sean Fogarty, and Barry Brown with HFF represented the sellers, TA Associates Realty. The buyers were represented in-house.
Please see CoStar COMPS #2649193 for additional information on this transaction.