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| 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 | www.hfflp.com
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