GREENVILLE, SC - KBS Legacy Partners Apartment REIT, Inc. has acquired the Millennium Apartment Homes, a 305-unit apartment community in Greenville, S.C. 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 $33.6 million.
The community consists of 36, two-story buildings that were 93-percent occupied at the time of acquisition. The purchase ups the KBS Legacy Partners Apartment REIT portfolio to a total of 2,599 apartments units in Maryland, Minnesota, Texas, North and South Carolina and Illinois.
The Class-A Millennium Apartment Homes was built in 2009 and includes a clubhouse and 76 garages. It covers 303,131 rentable square-feet across nearly 33 acres.
“The Millennium Apartment Homes represent another great addition to KBS Legacy Partners Apartment REIT’s growing portfolio,” said W. Dean Henry, chief executive officer of KBS Legacy Partners Apartment REIT. “We believe its location between Charlotte N.C., and Atlanta, plus Greenville’s job growth potential, makes it a very attractive addition.”
The Greenville region has attracted companies such as BMW Manufacturing and Michelin North America and has been recognized by nationwide publications such as USA Today and Business Week as a top U.S. area for European expansion.
“We believe this investment represents a strong, Class-A asset combined with favorable market dynamics triggered by positive job growth and solid overall apartment fundamentals,” said Tim O’Brien, Legacy Partners’ senior managing director.
KBS Legacy Partners Apartment REIT also owns the 314-unit Crystal Park at Waterford in Frederick, Md.; the 228-unit Watertower Apartments in Eden Prairie, Minn.; the 255-unit Residence @ Waterstone in Pikesville, Md.; the 504-unit, Legacy at Valley Ranch Apartments in Irving, Texas; the 256-unit Legacy at Martin’s Point in Lombard, Ill.; the 240-unit Legacy at Crescent Park in Greer, S.C.; the 301-unit Wesley Village in Charlotte, N.C.; and the 196-unit complex Legacy at Poplar Creek outside of Chicago.
In 2010, KBS Capital Advisors joined forces with Legacy Partners Residential Realty, a leader in the acquisition and management of multi-family properties since 1968, to form KBS Legacy Partners Apartment REIT, a non-traded Real Estate Investment Trust (REIT).