SOURCE: KBS Realty Advisors

KBS Realty Advisors

May 08, 2013 18:44 ET

KBS Legacy Partners Apartment REIT Acquires 314-Unit Apartment Community in Maryland

The $44.9 Million Acquisition of Crystal Park at Waterford in Frederick, Md., Builds Upon KBS Legacy's Six-State, Non-Traded REIT Portfolio

FREDERICK, MD--(Marketwired - May 8, 2013) - KBS Legacy Partners Apartment REIT, Inc. has acquired Crystal Park at Waterford, a 314-unit garden style apartment community in Frederick, Md. KBS Legacy Partners Apartment REIT, a Newport Beach, Calif.-based, non-traded REIT sponsored by KBS Capital Advisors LLC and Legacy Partners Residential Realty LLC of Foster City, Calif., purchased the asset for $44.9 million.

The 12-building complex centrally located on Route 15 in Frederick was 93-percent occupied at the time of acquisition. The acquisition ups the KBS Legacy Partners Apartment REIT portfolio to 2,294 apartment units in Maryland, Minnesota, Texas, North and South Carolina and Illinois.

Crystal Park at Waterford provides residents with convenient access to I-270 and I-70, two of Maryland's main transportation routes, as well as three major airports. Frederick is Maryland's second-largest city, and Crystal Park is located less than two miles from its historic downtown area. The property totals 288,954 rentable square feet.

"Crystal Park at Waterford represents a solid addition to the KBS Legacy Partners Apartment REIT portfolio," said W. Dean Henry, chief executive officer of KBS Legacy Partners Apartment REIT. "We believe that its location in Frederick, equidistant from Baltimore and Washington, D.C., and proximity to major transportation hubs, make this an especially attractive asset." 

KBS Legacy Partners Apartment REIT also owns the 228-unit Watertower Apartments in Eden Prairie, Minn.; the 255-unit Residence @ Waterstone in Pikesville, Md.; the 504-unit, Legacy @ Valley Ranch Apartments in Irving, Texas; the 256-unit Legacy @ Martin's Point in Lombard, Ill.; the 240-unit Legacy Crescent Park in Greer, S.C.; the 301-unit Wesley Village in Charlotte, N.C.; and the 196-unit complex Legacy @ Poplar Creek outside of Chicago.

ABOUT KBS LEGACY PARTNERS APARTMENT REIT
KBS Legacy Partners Apartment REIT is a joint venture sponsored by KBS Capital Advisors LLC and Legacy Partners Residential Realty LLC. KBS Capital Advisors is owned and controlled by Charles Schreiber, Peter Bren, Peter McMillan and Keith Hall. Legacy Partners Residential Realty is owned and controlled by C. Preston Butcher, W. Dean Henry and Guy K. Hays.

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including discussions regarding the performance of KBS Legacy Partners Apartment REIT and its investments, including the Crystal Park at Waterford Apartments and certain other factors that may affect future earnings or financial results. Such statements involve risks and uncertainties which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. Factors that may cause actual results to differ materially include changes in general economic conditions, changes in demand for apartment units, construction delays, changes in interest rates and lack of financing availability.

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