Two properties in the Charlotte area are among 11 in a portfolio being marketed for sale by Holliday Fenoglio Fowler LP.
Apartments at Legacy Grand at Concord in Concord and Wesley Village in Charlotte are among the portfolio’s 3,309 units.
The properties make up the entire portfolio of seller KBS Legacy Partners Apartment REIT Inc., a public, non-traded real estate investment trust sponsored by KBS Capital Advisors LLC and affiliates of Legacy Partners Residential Realty LLC. The portfolio is being offered on a free and clear basis and may be purchased in its entirety, as a subset of pooled assets, or individually, according to a news release.
The properties comprise more than 3 million rentable square feet and encompasses garden-style and mid-rise communities with an overall occupancy rate of more than 95 percent as of May 31. More than half of the assets were constructed between 2002 and 2010 and all have been institutionally maintained and operated since completion, according to the release.
The other properties in the portfolio are Watertower Apartments in Eden Prairie, Minnesota; Poplar Creek in Schaumburg, Illinois; Legacy at Martin’s Point in Lombard, Illinois; Lofts at the Highlands in St. Louis; Legacy at Valley Ranch in Irving, Texas; Crystal Park at Waterford in Frederick, Maryland; The Residence at Waterstone in Pikesville, Maryland; Legacy Crescent Park in Greer, South Carolina; and Millennium Apartment Homes in Greenville, South Carolina.
The HFF investment sales team representing the seller is led by executive managing director Matthew Lawton and includes local HFF teams in the respective markets.
“This well-balanced, geographically diverse portfolio presents investors with a unique opportunity to not only acquire institutional high-quality assets in key markets, but, if purchased in its entirety, also presents the opportunity to acquire the REIT vehicle itself in its entirety providing additional flexibility to the potential buyer’s investment platform,” said Lawton in the release.