KBS Legacy Partners Apartment Reit acquires mixed-use community near Minneapolis
KBS Legacy Partners Apartment Reit has closed on its first acquisition in 2013: Watertower Apartments, a 228-unit mixed-use community in Eden Prairie, Minnesota, 16 miles southwest of downtown Minneapolis.
KBS Legacy Partners Apartment Reit is a Newport Beach, California-based, non-traded Reit sponsored by KBS Capital Advisors and Legacy Partners Residential Realty of Foster City, California. Watertower Apartments was 94 per cent occupied at the time of acquisition.
KBS Legacy Partners Apartment Reit now owns a total of 1,980 apartment units in Minnesota, Texas, North and South Carolina, Illinois and Maryland.
Situated in proximity to I-494 and Highway 212, Watertower Apartments offers 228,775 square feet of mixed-use space in two adjacent structures: a three-story, 28-unit residential building with 10,065 square feet of ground-level retail space; and a four-story, 200-unit apartment building above a two-level underground parking garage.
"We are very pleased to add Watertower Apartments to the KBS Legacy Partners Apartment Reit portfolio," says W Dean Henry (pictured), 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."