EDEN PRAIRIE, MN—KBS Legacy Partners Apartment has bought 228-unit Watertower Apartments.
The complex is made up of two adjacent buildings, a 28-unit structure and a 200-unit building with a two-level underground parking garage. Unit features include nine-foot ceilings, full-sized washers and dryers and walk-in closets. The 5.6-acre community also has a fitness center, conference rooms, sauna and hot tub. The complex is 94 percent occupied.
W. Dean Henry, CEO of KBS, said in a statement that the property “boasts location, amenity andadvantages that we believe rival anything in the greater Minneapolis market.” The trust is a Newport Beach, Calif.-based, non-traded REIT sponsored by KBS Capital Advisors LLC and Legacy Partners Residential Realty LLC based in Foster City, Calif. The trust now owns a total of 1,980 apartment units in Minnesota, Texas, North and South Carolina, Illinois and Maryland.