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
(firmenpresse) - FREDERICK, MD -- (Marketwired) -- 05/08/13 -- , 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 and 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 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 in Pikesville, Md.; the 504-unit, in Irving, Texas; the 256-unit in Lombard, Ill.; the 240-unit in Greer, S.C.; the 301-unit in Charlotte, N.C.; and the 196-unit complex outside of Chicago.
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.
Mike Besack or Bob Ochsner
DGWB for KBS Capital Advisors
(714) 881-2317
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 08.05.2013 - 22:44 Uhr
Sprache: Deutsch
News-ID 257983
Anzahl Zeichen: 0
contact information:
Town:
FREDERICK, MD
Kategorie:
Investment Services & Trading
Diese Pressemitteilung wurde bisher 225 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"KBS Legacy Partners Apartment REIT Acquires 314-Unit Apartment Community in Maryland"
steht unter der journalistisch-redaktionellen Verantwortung von
KBS Realty Advisors (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
