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Jan. 28, 2013

HFF Arranges $25M in Acquisition Financing for Minneapolis Community

By Jessica Fiur, News Editor

Minneapolis—HFF has closed the sale of and arranged $25 million in acquisition financing for a 228-unit, mixed-use multifamily community in Minneapolis to KBS Legacy Partners Apartment REIT Inc. The buyer will receive a five-year 2.46 percent, fixed-rate loan through Allianz of America Inc.

The community, called Watertower Apartments, includes 10,000 square feet of retail space. It also includes a three-story residential building with a connecting single-story retail building and a four-story residential building with a two-level parking garage. The units feature one-, two- and three-bedroom floor plans, which average about 959 square feet.

Amenities for Watertower Apartments include a fitness center, business center, community room, conference rooms, racquetball court, basketball court, sauna and hot tub and courtyards with grills.

Additionally, the community’s convenient location to highways and local shopping centers make this an attractive investment.

“Watertower Apartments offers an investor a best-in-class community located at the heart of affluent Eden Prairie near the dynamic Eden Prairie Center and proximate to Interstate 494 and Highways 212 and 169,” Sean Fogarty, managing director, HFF, tells MHN.

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