SOURCE: KBS Legacy Partners Apartment REIT

KBS Legacy Partners Apartment REIT

June 05, 2012 12:53 ET

KBS Legacy Partners Apartment REIT Closes on 256-Unit Community in Lombard, Ill., a Western Suburb of Chicago

Acquisition of Martin's Point Brings Non-Traded REIT Portfolio to 1,451 Units

CHICAGO, IL--(Marketwire - Jun 5, 2012) - KBS Legacy Partners Apartment REIT has purchased Martin's Point, a 256-unit apartment complex in Lombard, Ill., 20 miles west of Chicago. KBS Legacy Partners Apartment REIT is a Newport Beach, Calif.-based, non-traded REIT sponsored by KBS Capital Advisors LLC (KBS-CA) and Legacy Partners Residential Realty LLC (LPRR) of Foster City, Calif. Martin's Point is 97-percent occupied and marks the non-traded REIT's fourth acquisition since the beginning of the year.

Constructed in 1989 and partially renovated in 2009, Martin's Point, which is currently known as Avalon Lombard, sits on 13.2 acres near Interstates 88, 294 and 355, 20 miles southwest of O'Hare International Airport and less than five miles from Chicago's prestigious Oakbrook Center. The garden-style complex offers 201,924 square feet of rentable space in one- and two-bedroom configurations. Onsite amenities include a swimming pool with sundeck, fitness center and clubhouse.

"Martin's Point is an institutional-quality community that benefits from little new apartment construction throughout the Lombard area during the past decade," said W. Dean Henry, president of Legacy Partners Residential Realty.

KBS Legacy Partners Apartment REIT also owns another Chicago-area property, Poplar Creek, as well as Crescent Park in Greer, S.C., the 255-unit Residence at Waterstone in Pikesville, Md., and the 504-unit garden-style Valley Ranch Apartments in Irving, Texas.

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.

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