KBS Legacy Sells Three Properties for a Combined $106.1 million

KBS Legacy Partners Apartment REIT Inc., a publicly registered non-traded real estate investment trust, sold three properties last month for a combined $106.1 million.

The properties include: Legacy Grand at Concord, a 240-unit apartment complex located in Concord, North Carolina for $32.9 million; Millennium Apartment Homes, a 305-unit apartment complex in the Greenville, South Carolina for $35.6 million; and Legacy at Martin’s Point, a 256-unit apartment complex in the Chicago suburb of Lombard, Illinois for $37.6 million.

KBS Legacy purchased Legacy Grand at Concord in February 2014 and following the sale, repaid the entire $22.1 million principal balance and all other sums due under the mortgage loan, including a prepayment fee of $0.9 million.

The firm purchased Millennium Apartment Homes in June 2013 and following the sale, repaid the entire $19.8 million principal balance and all other sums due under the mortgage loan, including a prepayment fee of $0.2 million.

The firm purchased Legacy at Martin’s Point in May 2012 and following the sale, repaid the entire $21.5 million principal balance and all other sums due under the mortgage loan, including a prepayment fee of $0.5 million.

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.

The plan of liquidation would allow the company to sell all of its remaining properties, pay all of its known liabilities, distribute its remaining cash to its stockholders, and wind up operations.

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 in the REIT were originally sold to investors 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.

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