First Multifamily Foray
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|Like a lion stalking it's prey, KBS Legacy Partners Apartment REIT, launched in March, finally pounced on its first acquisition. (Sorry, Jack Hanna is our guest editor today.) The REIT, created by KBS Capital Advisors and Legacy Partners Residential Realty, acquired the 504-unit Class A, garden-style apartment complex Dakota Hill (pictured) for $36.1M. It's 94% occupied. The complex has been rebranded as Legacy at Valley Ranch. Legacy Partners Residential senior managing director Stuart Spencer says the name change will identify the property with the new ownership, and also notes the REIT plans to update the clubhouse and property amenities in the next year. The property has 22 three-story buildings across 20 acres on the NEC of MacArthur Blvd. and the 635. Stuart says the REIT assumed an existing Freddie Mac loan on the property.|
|Stuart (pictured) says the REIT, with a $2B warchest, is looking fervently in the core and core-plus category for well-located properties with lots of drive-by traffic. ?We're looking to buy properties in an economy where the rents have been depressed but likely to grow," Stuart tells us, and that includes markets like DFW. KBS Legacy Partners is looking for more properties in the four major metros in Texas as well as major markets from Dallas to Denver. Other target markets are Atlanta, Orlando, DC, Boston, and Southeast Florida. For the Irving deal, CBRE's Mark Stymiest represented the seller. Legacy Partners Residential, an affiliate of LPRR, represented KBS Legacy Partners Apartment REIT.|