CHARLOTTE, NC—KBS Legacy Partners Apartment REIT has acquired the Millennium Apartment Homes, a 305-unit multifamily community in Greenville, SC. The sale price was $33.6 million.
Built in 2009, the class A multifamily development includes a clubhouse and 76 garages. The community spans 36 two-story buildings on 33 square acres. The buildings are 93% occupied. With the latest acquisition, the KBS portfolio totals 2,599 multifamily units in Maryland, Minnesota, Texas, North and South Carolina, and Illinois.
“The Millennium Apartment Homes represent another great addition to KBS Legacy Partners Apartment REIT’s growing portfolio,” says W. Dean Henry, CEO of KBS Legacy Partners Apartment REIT. “We believe its location between Charlotte NC, and Atlanta, plus Greenville’s job growth potential, makes it a very attractive addition.”
The Greenville region has attracted the likes of BMW Manufacturing and Michelin North America. And nationwide publications such as USA Today and Business Week have recognized the area as a top U.S. area for European expansion.
“We believe this investment represents a strong, class A asset combined with favorable market dynamics triggered by positive job growth and solid overall apartment fundamentals,” says Tim O’Brien, KBS Legacy Partners’ senior managing director. The REIT also the 301-unit Wesley Village in Charlotte, NC.