KBS Lands a Chicagoland Community

KBS Legacy Partners acquires a 256-unit asset in Lombard, Ill.; and R4 Capital Closes the first $80 million of a $100 million LIHTC fund.

Martin's Point

Lombard, Ill.—KBS Legacy Partners Apartment REIT has completed its purchase of Martin’s Point, a 256-unit complex located in Lombard, Ill, 20 miles west of Chicago. The acquisition of the 97 percent occupied property marks the non-traded REIT’s fourth purchase in 2012.

“Martin’s Point is an institutional-quality community that benefits from little new apartment construction throughout the Lombard area during the past decade,” says W. Dean Henry, president of Legacy Partners Residential Realty.

The community was built in 1989 and partially renovated in 2009. The garden-style asset sits on 13.2 acres located less than five miles from Oakbrook Center. Amenities include a swimming pool with sundeck, fitness center, and clubhouse.

R4 Capital Closes $80M LIHTC Fund

New York, N.Y.—National affordable housing tax-credit syndicator R4 Capital has closed on the initial $80 million of a $100 million multi-investors Low-Income Housing Tax Credit Fund. R4 Housing Partners LP Fund comprises 15 properties in 10 states and Washington, D.C., and will provide 1,459 affordable units.

“In a highly competitive market our investors expressed their confidence in the R4 Capital team,” says Marc Schnitzer, president of R4 Capital. “By proving the ability to raise investor capital in our first year of business, we have shown that R4 Capital is a reliable and competitive source of tax-credit equity for developers.”

In regards to the fund, 73 percent of the portfolio represents projects where an R4 Capital senior executive had completed prior transactions with a developer or consultant involved in the new R4 Housing Partners Fund. The firm is part of Regis USA, an integrated group of residential real estate entities.