KBS Legacy Partners Apartment REIT Inc., publicly registered non-traded real estate investment trust, has filed articles of dissolution with the State Department of Assessments and Taxation of Maryland as part of its plan to liquidate and dissolve the company, according to a filing with the Securities and Exchange Commission.
The REIT’s plan of liquidation was approved stockholders last December, and earlier this month, the company sold its last two multifamily properties, the Lofts at the Highlands and The Residence at Waterstone, for a combined $104.5 million.
KBS Legacy stockholders received an initial liquidating distribution of $4.05 per share of common stock at the end of 2017. As part of the liquidation plan, stockholders are expected to receive net proceeds of $8.45 per share. This amount would be in addition to the previous $1.00 per share special distribution paid in May 2017 in connection with the disposition of Wesley Village. Shares in the REIT were originally sold to investors for $10.00 each.
The REIT expects to make one or more additional liquidating distributions in the future.
KBS Legacy Partners Apartment REIT’s initial offering was declared effective by the SEC in March 2010 and closed four years later after raising approximately $209 million.