KBS Legacy Partners Acquires 305-Unit Asset

KBS Legacy Partners Apartment REIT completes a $33.6M buy in South Carolina; The Bascom Group closes a 175-unit acquisition in Palm Springs; and Alliant Capital closes three refinancing loans.

Greenville, S.C.—KBS Legacy Partners Apartment REIT Inc. has acquired the Millennium Apartment Homes, a 305-unit community located in Greenville, S.C. The Newport Beach, Calif.-based non-traded REIT purchased the asset for $33.6 million. Millennium Apartment Homes consists of 36, two-story buildings that were 93 percent occupied at closing. The purchase ups KBS Legacy Partners Apartment REIT’s portfolio to a total of 2,599 apartments 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 Dean Henry, CEO of KBS Legacy Partners Apartment REIT. “We believe its location between Charlotte N.C., and Atlanta, plus Greenville’s job growth potential, makes it a very attractive addition.”

The Class A community was built in 2009 and includes a clubhouse and 76 garages. Amenities include a saltwater swimming pool with Wi-Fi access, an Internet cafe, picnic area, fire pit with grills, a fitness center, children’s playground and a pet walk area.

The Bascom Group buys a 175-unit asset in Palm Springs

Palm Springs, Calif.—The Bascom Group has acquired Andalucia Apartments, a 175-unit community located in Palm Springs, Calif., for an undisclosed price. The firm worked with Brian Eisendrath of CBRE to arrange financing for the purchase.

“Andalucia represents a unique opportunity to reposition and renovate a property to resort-like standards,” says Jeff Fuller, principal at Bascom. “We plan to transform Andalucia’s amenity package into one of the best in the city.”

The 1979-built property represents the 16th acquisition that Bascom has completed in the past 12 months. The property consists of four three-story buildings with three pools and spas spread throughout.

Alliant Capital closes refinance loans

Northbrook, Ill.—Alliant Capital LLC announced the closing of three multifamily refinance loans totaling $7.9 million. The transactions were originated by Aaron Abelson, Alliant’s senior vice president for the Midwest Region, in Chicago Metropolitan office.

  • West Madison Street Apartments, located in Chicago, is a 39-unit garden style community, constructed in 1928. The community offers studio and one-bedroom units. Alliant structured this loan with a 10-year fixed rate term and a 30-year amortization.
  • West George Street Apartments, located in Chicago, is a 23-unit garden style community built in 1918 offering one- and two-bedroom units. The loan was structured with a seven-year fixed rate term and a 30-year amortization.
  • The Arbors Apartments offers studio, one- and two-bedroom floor plans. The property is a garden style community, built in 1968 and located in Rockford, Ill. Alliant structured the loan with a 12-year fixed-rate term and 30-year amortization.