CHARLOTTE—KBS Legacy Partners Apartment REIT sees opportunity in Charlotte suburbs. The CA-based, public non-traded REIT just snapped up a 240-unit multifamily community in Concord, NC for $28 million.
Sponsored by KBS Capital Advisors LLC and Legacy Partners Residential Realty LLC of Foster City, CA, KBS Legacy's leadership likes what its sees at Legacy Grand at Concord. The class A multifamily property is 91% occupied.
"We believe the Legacy Grand at Concord acquisition represents a Class-A core investment for KBS Legacy Partners Apartment REIT," says W. Dean Henry, CEO of KBS Legacy. "The Charlotte region offers potential for growth with a workforce benefitting from its proximity to 26 nearby colleges."
Concord is in the Charlotte Metropolitan Service Area. Forbes sites Charlotte as having had the sixth-fastest growing population in the U.S., from 2010 to 2012, as well as being the second-largest financial center in the country behind New York City.
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