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KBS Legacy Partners Divests MF Portfolio for $480M

KBS Legacy Partners Apartment REIT, Inc. divested 11 multifamily communities totaling 3,039 units located in core markets in Minnesota, Illinois, Missouri, Texas, Maryland, North Carolina and South Carolina for $480.65 million. The properties were purchased in separate transactions by eight different buyers.

HFF’s Matthew Lawton, along with licensed local HFF teams in the respective markets, handled the offering on behalf of the REIT that is sponsored by KBS Capital Advisors LLC and affiliates of Legacy Partners Residential Realty LLC.

The properties include:
– Watertower Apartments in Eden Prairie, MN (pictured above)
– Legacy at Poplar Creek in Schaumburg, IL
– Legacy at Martin’s Point in Lombard, IL
– Legacy Grand at Concord in Concord, NC
– Wesley Village in Charlotte, NC
– Crescent Park in Greer, SC
– Millennium Apartment Homes in Greenville, SC

Four additional properties sold in separate transactions to a single investor: Crystal Park at Waterford in Frederick, MD; Residences at Waterstone in Pikesville, MD; Lofts at the Highlands in St. Louis, MO; and Legacy at Valley Ranch in Irving, TX. The HFF team procured acquisition financing on behalf of the new owners for six of the properties.


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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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