KBS Legacy Sells Two Multifamily Properties for a Combined $111 Million

KBS Legacy Partners Apartment REIT sold two multifamily properties, Legacy at Valley Ranch and Crystal Park at Waterford, for a combined $110.9 million.

KBS Legacy Partners Apartment REIT Inc., a publicly registered non-traded real estate investment trust, has sold two multifamily properties, Legacy at Valley Ranch and Crystal Park at Waterford, for a combined $110.9 million, according to a filing with the Securities and Exchange Commission.

Built in 1999, Legacy at Valley Ranch is a 20-acre, 504-unit complex located in the Valley Ranch community of Irving, Texas. The REIT purchased the property in October 2010 for $36.1 million and sold to Elite Street Capital Valley Ranch Equity DE LLC for $66.5 million.

Constructed in 1990, Crystal Park at Waterford is a 314-unit property situated on more than 16 acres in Frederick, Maryland. The property was purchased in May 2013 for $44.9 million and sold to Elite Street Capital Crystal Park Equity DE LLC for $44.4 million.

KBS Legacy stockholders approved the company’s plan of liquidation and dissolution in December 2017 and 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 is in the process of selling its remaining two properties and 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.

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