KBS Legacy Partners Apartment REIT Spends $36.1M on First Asset
- Oct 27, 2010
October 27, 2010
By Allison Landa, News Editor
A luxury north Dallas apartment complex is the first asset purchased by a joint venture of KBS Capital Advisors L.L.C. and Legacy Partners Residential Realty L.L.C. KBS Legacy Partners Apartment REIT has purchased Dakota Hill, a 504-unit Class A complex in the Valley Ranch/Irving submarket, for $36.1 million.
The complex consists of 22 three-story buildings on 20.3 acres on the northeast corner of MacArthur Boulevard and the 635 LBJ freeway, More than 94 percent occupied, the complex was completed in 1999.
Legacy Partners Residential president Dean Henry said that the REIT is targeting properties such as Dakota Hill, which has strong infrastructure, a suite of onsite amenities and a location in a prestigious submarket.
Mark Stymiest of CB Richard Ellis’ Dallas office represented the seller, while Legacy Partners Residential Inc. represented KBS Legacy Partners Apartment REIT.