HFF completes USD480.65m sale of 11 multi-housing communities in core US markets

Holliday Fenoglio Fowler (HFF) has completed the USD480.65 million sale of 11 multi-housing communities totalling 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 US portfolio was very well received by the market,” Lawton says. “The one-off and pool execution strategy enabled KBS Legacy to maximize net proceeds for their shareholders.”