Skip to content

KBS Legacy Sells Another Property, Schedules Liquidation Vote

KBS Legacy Partners Apartment REIT Inc., a publicly registered non-traded real estate investment trust, has sold Legacy Crescent Park, a 240-unit Class A multifamily property in Greer, South Carolina, for $24.1 million.

KBS Legacy purchased the property in May 2012 for $20.6 million, and following the sale, repaid the entire $13.7 million principal balance and all other sums due under the mortgage loan secured by the property.

Crescent Park is a 213,000-square-feet property built in 2008 on approximately 27 acres of land. Unit amenities include 9-foot ceilings, walk-in closets, balconies, washer and dryer connections in all units, 60 detached garages, and 30 detached additional storage spaces.

The KBS Legacy board of directors recently approved the company’s plan of liquidation, which must still be approved by shareholders at the annual meeting on December 19, 2017 at 9:00 a.m. PST at the company headquarters in Newport Beach, California.

If the plan is successfully implemented, stockholders are expected to receive between approximately $8.27 and $8.70 per share for each share owned. In May 2017, the REIT paid a special distribution of $1.00 per share to stockholders for the sale of Wesley Village, which is not included in the estimated range of liquidating distributions. Shares were originally sold for $10.00 each.

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 portfolio is comprised of 10 multifamily properties valued at approximately $410 million.

 

For more KBS related news, visit their directory page here.