Holliday Fenoglio Fowler, L.P. (HFF) announces the $480.65 million sale of 11 multi-housing communities totaling 3,039 units located in core markets in Minnesota, Illinois, Missouri, Texas, Maryland, North Carolina and South Carolina.
The HFF team marketed 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 properties were purchased in separate transactions between March 2017 and March 2018 by eight different buyers. Additionally, HFF’s debt placement team secured acquisition financing on behalf of the new owners for six of the communities.
The properties total more than two million rentable square feet and encompass both garden-style and mid-rise communities. The properties that sold to separate investors are: Watertower Apartments in Eden Prairie, Minnesota; Legacy at Poplar Creek in Schaumburg, Illinois; Legacy at Martin’s Point in Lombard, Illinois; Legacy Grand at Concord in Concord, North Carolina; Wesley Village in Charlotte, North Carolina; Crescent Park in Greer, South Carolina; and Millennium Apartment Homes in Greenville, South Carolina. Four additional properties sold in separate transactions to a single investor: Crystal Park at Waterford in Frederick, Maryland; Residences at Waterstone in Pikesville, Maryland; Lofts at the Highlands in St. Louis, Missouri; and Legacy at Valley Ranch in Irving, Texas. The HFF team procured acquisition financing on behalf of the new owners for Watertower Apartments, Legacy at Martin’s Point, Crescent Park, Millennium Apartment Homes, Crystal Park at Waterford and Legacy at Valley Ranch.
The HFF investment advisory team representing the seller consisted of executive managing director Matthew Lawton along with licensed local HFF teams in the respective markets.
“This eastern U.S. portfolio was very well received by the market,” Lawton said. “The one-off and pool execution strategy enabled KBS Legacy to maximize net proceeds for their shareholders.”
Holliday GP Corp. (“HFF”) is a Missouri, Texas and North Carolina licensed real estate broker.
About KBS Capital Advisors LLC
Founded by Peter Bren and Charles J. Schreiber Jr. in 1992, KBS is one of the nation’s preeminent buyers of commercial real estate and structured debt investments. In August 2014, KBS was ranked by Institutional Real Estate, Inc. and Property Funds Research as among the top real estate investment managers globally, and in December 2016, National Real Estate Investor ranked KBS the ninth-largest office owner globally. KBS has a strong reputation in the industry for efficient and timely closing on large and complex transactions in the office, industrial, multifamily and retail sectors. KBS also originates and acquires debt positions collateralized by stabilized and value-added properties.
KBS Realty Advisors has created six institutional commingled funds, 14 separate accounts with public and corporate pension funds and five sovereign wealth funds. KBS Capital Advisors was formed in 2006 as the exclusive advisor for KBS’ publicly registered non-traded REITs, which are designed to give individual investors the ability to invest in a similar type of real estate as KBS pension fund and institutional partners.
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 60,000 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 $2 billion. For more information, visit http://legacypartners.com/.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
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MATTHEW D. LAWTON, 312-528-3650
IL Lic. #471.016851
HFF Executive Managing Director
OLIVIA N. HENNESSEY, 713-852-3500
HFF Public Relations Specialist
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