KBS Legacy Sells Two Multifamily Properties in Continuing Liquidation
February 13, 2018 | Sue Hatfield-Green | Blue Vault
On February 8, 2018, KBS Legacy Partners Apartment REIT, Inc., sold Legacy at Valley Ranch and Crystal Park at Waterford, both multifamily properties, to Elite Street Capital Valley Ranch Equity DE, LLC, for $110.9 million. Legacy at Valley Ranch is a 504-unit complex in Irving, Texas (purchased by KBS Legacy Partners on October 26, 2010, for $36.1 million); and Crystal Park at Waterford is a 314-unit property in Frederick, Maryland (purchased by KBS Legacy Partners on May 8, 2013, for $44.9 million).
KBS Legacy stockholders approved the plan of liquidation and dissolution in December 2017 and received $4.05 per share of common stock as an initial liquidating distribution on December 27, 2017, in addition to the $1.00 per share of common stock special distribution in May 2017 after the disposition of Wesley Village.
KBS is currently selling its remaining two properties and expects to make at least one liquidating distribution. Stockholders are expected to receive $8.45 per share in estimated net proceeds from liquidation when the plan of liquidation is complete.
KBS Legacy Partners Apartment REIT, Inc. began its public offering in March 2010 and raised $200.2 million, including DRIP proceeds, closing its offering in March 2014.
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