Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has been named to market for sale an 11-property, 3,039-unit multi-housing portfolio located in several core markets across the United States.
HFF is marketing the offering on behalf of KBS Legacy Partners Apartment REIT, Inc., a public, non-traded real estate investment trust (REIT) sponsored by KBS Capital Advisors LLC (the REIT’s advisor) and affiliates of Legacy Partners Residential Realty LLC. The portfolio is being offered on a free and clear basis and may be purchased in its entirety, as a subset of pooled assets or individually.
The portfolio totals more than three million rentable square feet and encompasses garden-style and mid-rise communities with an overall occupancy rate in excess of 95 percent as of May 31, 2016. More than half of the assets were constructed between 2002 and 2010 and all have been institutionally maintained and operated since completion. The properties in the portfolio are: Watertower Apartments in Eden Prairie, Minnesota; Poplar Creek in Schaumburg, Illinois; Legacy at Martin’s Point in Lombard, Illinois; Lofts at the Highlands in St. Louis, Missouri; Legacy at Valley Ranch in Irving, Texas; Crystal Park at Waterford in Frederick, Maryland; The Residence at Waterstone in Pikesville, Maryland; Legacy Grand at Concord in Concord, North Carolina; Wesley Village in Charlotte, North Carolina; Legacy Crescent Park in Greer, South Carolina; and Millennium Apartment Homes in Greenville, South Carolina.
The HFF investment sales team representing the seller is led by executive managing director Matthew Lawton along with local HFF teams in the respective markets.
“This well-balanced, geographically diverse portfolio presents investors with a unique opportunity to not only acquire institutional high-quality assets in key markets, but, if purchased in its entirety, also presents the opportunity to acquire the REIT vehicle itself in its entirety providing additional flexibility to the potential buyer’s investment platform,” said Lawton.
About KBS
KBS Capital Advisors LLC is an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered investment adviser founded in 1992. Since their inception, KBS-affiliated companies have completed transactional activity of more than $31.9 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and seven non-traded REITs. For information, visitwww.kbs.com.
About Legacy Partners
Legacy Partners is a privately held real estate firm that owns, develops and manages multifamily communities throughout the United States. Since its inception, the firm has been driven by integrity, dedication and a passion for perfection while returning exceptional results. Since 1968, it has developed or acquired more than 74,000 apartment homes and worked with some of the world’s largest financial institutions, life insurance companies and real estate companies.
In addition to development, Legacy Partners provides management services for its portfolio, as well as other owners. Combined, the firm manages a portfolio of more than 60 multifamily communities with more than 14,000 apartment homes, with a gross value in excess of $3 billion. For more information, visit legacypartners.com.
About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a Missouri, Texas and North Carolina licensed real estate broker.
