KBS ACQUIRES 228-UNIT MIXED USE COMMUNITY NEAR MINNEAPOLIS

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EDEN PRAIRIE, MINN. — Newport Beach, Calif.-based KBS Legacy Partners Apartment REIT has acquired Watertower Apartments, a 228-unit, mixed-use community in Eden Prairie, 16 miles southwest of downtown Minneapolis. The property offers 228,775 square feet of mixed-use space in two adjacent structures: a three-story, 28-unit residential building with 10,065 square of ground-level retail space; and a four-story, 200-unit apartment building above a two-level underground parking garage. Watertower Apartments was 94 percent occupied at the time of the sale.

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