KBS Legacy Partners Apartment REIT Inc., publicly registered non-traded real estate investment trust, sold two multifamily properties, the Lofts at the Highlands and The Residence at Waterstone, for a combined $104.5 million, according to a filing with the Securities and Exchange Commission. Both properties were sold to affiliates of Elite Street Capital, a real estate investment firm located in Houston, Texas and Tel Aviv, Israel.
The Lofts at the Highlands is a 200-unit apartment complex located in St. Louis, Missouri. Built in 2006, the 247,000-square-foot property consists of two five-story residential buildings separated by a private community park. The property was purchased in February 2014 for $41.8 million and sold for $44.4 million. The net proceeds from the disposition was approximately $13.6 million.
Located in the Baltimore suburb of Pikesville, Maryland, The Residence at Waterstone is a 255-unit Class A apartment complex originally designed as “for sale” condominiums. The property, originally purchased in April 2012 for $64.7 million, was sold for $60.1 million with net proceeds of approximately $13 million.
Earlier this year, KBS Legacy sold two multifamily properties, Legacy at Valley Ranch and Crystal Park at Waterford, for a combined $110.9 million as part of the company’s plan of liquidation that was approved by stockholders in December 2017.
KBS Legacy stockholders received an initial liquidating distribution of $4.05 per share of common stock at the end of 2017. If the company successfully implements its plan of liquidation, stockholders are expected to receive net proceeds of $8.45 per share of common stock. 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.