KBS Legacy Partners Apartment REIT — a public, non-traded REIT sponsored by KBS Capital Advisors and affiliates of Legacy Partners Residential Realty — has acquired 11 multi-housing communities totaling 3,039 units located in core markets in Illinois, Maryland, Minnesota, Missouri, North Carolina, South Carolina and Texas for $480.65 million. The properties were purchased in separate transactions between March 2017 and March 2018 by eight different buyers.
Holliday Fenoglio Fowler marketed the offer.
The properties total more than 2 million rentable square feet and encompass both garden-style and mid-rise communities.
The properties that sold to separate investors include Watertower Apartments in Eden Prairie, Minn.; Legacy at Poplar Creek in Schaumburg, Ill.; Legacy at Martin’s Point in Lombard, Ill.; Legacy Grand at Concord in Concord, N.C.; Wesley Village in Charlotte, N.C.; Crescent Park in Greer, S.C; and Millennium Apartment Homes in Greenville, S.C. Four additional properties sold in separate transactions to a single investor: Crystal Park at Waterford in Frederick, Md.; Residences at Waterstone in Pikesville, Md.; Lofts at the Highlands in St. Louis, Mo.; and Legacy at Valley Ranch in Irving, Texas.
