KBS Legacy Partners Apartment Reit has started its initial public offering.

KBS Legacy Partners Apartment Reit is a non-traded real estate investment trust product offered to the public through registered broker/dealers and investment advisers.

With KBS Capital Advisors and Legacy Partners Residential Realty as its sponsors, and KBS Capital Markets Group as its dealer manager, the Reit will offer up to 200 million shares of common stock in a primary offering at a maximum price of USD10 per share.

It will use the proceeds of the offering to acquire and operate well-positioned apartment real estate that is producing rental income, as well as opportunity-oriented properties at various phases of leasing, development, redevelopment and repositioning.