KBS Legacy Partners Apartment REIT Inc., a publicly registered non-traded real estate investment trust sponsored by KBS Capital Advisors and affiliates of Legacy Partners Residential Realty, has hired Holliday Fenoglio Fowler to market for sale its 11-property, 3,039-unit multifamily portfolio. The properties were originally purchased between 2010 and 2014 for an aggregate purchase price of $412 million.
At the beginning of the year, the REIT’s board of directors formed a special committee of independent directors to explore strategic alternatives in order to provide shareholder liquidity. In April, the committee hired Robert A. Stanger & Co. Inc. to act as its financial advisor throughout the process.
The 11-property portfolio is being offered on a free and clear basis and may be purchased in its entirety, as a subset of pooled assets, or individually. The properties include:
* Watertower Apartments in Eden Prairie, Minnesota
* Poplar Creek in Schaumburg, Illinois
* Legacy at Martin’s Point in Lombard, Illinois
* Lofts at the Highlands in St. Louis, Missouri
* Legacy at Valley Ranch in Irving, Texas
* Crystal Park at Waterford in Frederick, Maryland
* The Residence at Waterstone in Pikesville, Maryland
* Legacy Grand at Concord in Concord, North Carolina
* Wesley Village in Charlotte, North Carolina
* Legacy Crescent Park in Greer, South Carolina
* Millennium Apartment Homes in Greenville, South Carolina
The portfolio totals more than 3 million rentable square feet and encompasses garden-style and mid-rise communities with an overall occupancy rate of approximately 95 percent. More than half of the assets were constructed between 2002 and 2010.
KBS Legacy Partners Apartment REIT invests in apartment buildings that were producing rental income at the time of acquisition. The REIT went effective in March 2010 and closed its offering in March 2014 after raising $204 million in investor equity. The company’s portfolio currently consists of 11 properties.