Granite Towers Equity Group Acquires Waterstone Place Multifamily In Minnetonka For $40M

Waterstone Place is a multifamily asset located at 9650, 9700 & 9710 Waterstone Place in the market of Minnetonka, MN. The property consists of 165 units and was sold for $40,000,000, which approximates to $242,424 per unit. The complex, built in 2003, features various unit types from studio to two-bedroom, with rent prices commencing at $1,321. The property is secured by a $21.84 million Fannie Mae loan that matures in 2029 and includes amenities such as a clubhouse, fitness center, and courtyard.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $40,000,000
• Units: 165
• Price Per Unit: $242,424
• Buyer: Granite Towers Equity Group
• Seller: Bader Development
• Loan Amount: $21.84 million
• Loan Maturity: 2029
• Rent Starting Price: $1,321

Granite Towers Equity Group acquired the complex from a group including affiliates of Bader Development, marking a significant transaction within the multifamily sector in Minnetonka. This deal involves key players in the real estate market, showcasing investment activity in residential properties.