FREDERICK, MD-KBS Legacy Partners Apartment REIT has acquired a local garden-style apartment community here. The Newport Beach, CA-based non-traded REIT paid $44.9 million for the asset, which was 93% occupied at the time of the deal.
The complex, Crystal Park at Waterford, consists of 12 buildings and its acquisition brings the number of units in KBS's portfolio to 2,294. The REIT owns properties in Maryland, Minnesota, Texas, North and South Carolina and Illinois.
The property totals 288,954 rentable square feet. KBS Legacy Partners Apartment REIT also owns the 255-unit Residence @ Waterstone in Pikesville, MD.
Federal Capital Partners sold the property after investing in capital improvements to the common areas and clubhouse. It also reduced operating expenses and adjusted the rents to reflect the property's new market position, it said in its own release about this trade.
Drew White, Ryan Ogden and Mike Marshall of ARA represented FCP in the deal. In a prepared statement, FCP Managing Partner Alex Marshall noted that the company is still invested in Frederick with Willowdale Crossing and Overlook Manor. Also, the company "believes there will be continued growth and opportunities for investment in this market."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
