| KBS Capital Advisors and Legacy Partners have purchased three apartment properties together via their KBS Legacy Partners Apartment REIT, and Baltimore made the list. On Friday, the non-traded REIT closed its $64.7M acquisition of the 371k SF, Class-A Residence at Waterstone in Pikesville from Avalon Village Green Associates. Yesterday, Legacy Partners Residential Realty prez W. Dean Henry told us the 255 units were designed as condos, and the resulting components, such as garages for all units, make for some primo rentals. That has helped with high occupancy (96%) and low turnover (35%). He says his firm likes the Baltimore MSA and its proximity to DC, which combine to become the US's fourth-largest statistical metropolitan area with a highly educated workforce and high household incomes. The partnership also owns 504 units near Dallas and 196 units near Chicago. |
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