KBS Closes on Acquisition of 228-Unit Eden Prairie M-U Community
By Gabriel Circiog, Associate Editor
Newport Beach, Calif.-based KBS Legacy Partners Apartment REIT has closed on its first acquisition of 2013: Watertower Apartments. The 228-unit mixed-use community, located in Eden Prairie, Minn., is situated close to I-494 and Highway 212 and just 16 miles southwest of downtown Minneapolis. The non-traded real estate investment trust is sponsored by KBS Capital Advisors L.L.C. and Foster City, Calif.-based Legacy Partners Residential Realty L.L.C. KBS currently owns a total of 1,980 apartment units in Minnesota, Texas, North and South Carolina, Illinois and Maryland.
Watertower Apartments was 94 percent occupied at the time of the acquisition and offers 228,775 square feet of mixed-use space in two adjacent structures. The three-story building features 28 residential units and 10,065 square feet of ground-floor retail space, while the four-story building features 200 apartment units above a two-level underground parking garage.
“We are very pleased to add Watertower Apartments to the KBS Legacy Partners Apartment REIT portfolio,” said W. Dean Henry, the REIT’s CEO. “The property boasts location, amenity and design advantages that we believe rival anything in the greater Minneapolis market.”
In other local real estate news, the StarTribune reports the signature Kellogg Square apartment tower in downtown St. Paul has been sold by Sentinel Management for $51 million. Golden Valley-based Bigos Management bought the tower, increasing its Twin Cities apartment portfolio, which currently features more than 42 owned or managed apartment communities.
Located at 111 E. Kellogg Blvd., Kellogg Square, built in 1970, has 450 apartments and features commercial space and a parking structure with 594 stalls. Sentinel was represented in the deal by NAI Everest.
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Photo Courtesy of: www.watertowerapts.com