Monday, January 28, 2013

HFF closes sale and arranges $25 million financing for Watertower Apartments in suburban Minneapolis

Watertower Aparttments
Minneapolis, MN
CHICAGO, IL – HFF announced today that it has closed the sale of and arranged acquisition financing for Watertower Apartments, a 228-unit, Class A multi-housing property with approximately 10,000 square feet of retail space in suburban Minneapolis, Minnesota.

                HFF marketed the property exclusively on behalf of the seller.  

KBS Legacy Partners Apartment REIT, Inc., through an indirect wholly owned subsidiary, purchased the asset for an undisclosed amount. 

Matthew Lawton
HFF also assisted the buyer in arranging a five-year, 2.46 percent, fixed-rate loan through Allianz of America, Inc.  The loan has two years of interest-only payments and will be serviced by HFF.

 Watertower Apartments is located at 12300 Singletree Lane within close proximity to Interstate 494, Highway 212 and the Eden Prairie Shopping Center in Eden Prairie, about 16 miles from downtown Minneapolis.

 Completed in 2004, the 95 percent leased property consists of a three-story residential building with a connecting single-story retail building and a four-story residential building that sits atop a two-level parking garage. 

 Units are offered in one-, two- and three-bedroom floorplans averaging 959 square feet each.  Residents have access to a fitness center, business center, community room, conference rooms, racquetball court, basketball court, sauna and hot tub and courtyards with grills. 

Marty O'Connell
The retail portion of the property is leased to the Old Chicago Restaurant.

The HFF investment sales team representing the seller was led by executive managing director Matthew Lawton and managing directors Sean Fogarty and Marty O’Connell.
For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |

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