KBS Legacy Partners Apartment REIT Names New Chairman

The board of KBS Legacy Partners Apartment REIT, a publicly registered non-traded real estate investment trust, appointed chief executive officer W. Dean Henry to serve as chairman of the board following the resignation of C. Preston Butcher, according to a filing with the Securities and Exchange Commission. The company noted that Butcher’s decision to resign was not due to any disagreement with the company.

Henry also serves as the chief executive officer of Legacy Partners Inc. – formerly Legacy Partners Residential, a position that he has held since 2012. Prior to his appointment as CEO of Legacy, he served as the company’s president for more than a decade.

Henry, through a trust, indirectly owns and controls 30 percent of LPI and 30 percent of Legacy Partners Residential Realty LLC, a limited liability company that co-manages the REIT’s sub-advisor, KBS-Legacy Apartment Community REIT Venture.

The sub-advisor is a joint venture between KBS Capital Advisors LLC, the REIT’s external advisor, and Legacy Partners Residential Realty. Henry also is one of the REIT’s sponsors.

Legacy Partners provides property management services to the REIT, as well as bookkeeping and accounting services, construction management services, budgeting, and business plans for the REIT’s properties.

KBS Legacy Partners Apartment REIT commenced its initial offering in March 2010 and terminated in March 2014 after raising approximately $216 million. The company’s $468.4 million portfolio is comprised of 11 multifamily properties.

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