HFF Announces $480.65M Sale of 11 Multi-Housing Communities in Core U.S. Markets
April 09 2018 - 3:17PM
Business Wire
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/.
About HFF
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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version on businesswire.com: https://www.businesswire.com/news/home/20180409006089/en/
HFFMATTHEW D. LAWTON, 312-528-3650IL Lic.
#471.016851HFF Executive Managing
Directormlawton@hfflp.comorOLIVIA N. HENNESSEY,
713-852-3500HFF Public Relations Specialistohennessey@hfflp.com
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