KBS Legacy Partners Apartment REIT, Inc. secured a $25 million mortgage for the acquisition of the Watertower Apartments at 12300 Singletree Ln. in Eden Prairie, MN.
Timothy Joyce, managing director of HFF's debt placement team arranged the financing for the buyer.
Built in 2004, the three- and four-story multifamily buildings total 228 units offering underground parking, fitness center, and a business center. KBS Legacy Partners Apartment REIT acquired the hotel in 2013 for $38.4 million, according to CoStar information. Read more about the sale at KBS REIT Acquires Watertower Apts