Wesley Village Fetches $45.8M

KBS Legacy Partners Apartment REIT has announced the purchase of Wesley Village for an estimated price of $45.8 million.

KBS Legacy Partners Apartment REIT has announced the purchase of Wesley Village for an estimated price of $45.8 million. “The KBS Legacy Partners team has identified and acquired several well-performing assets with solid growth potential, and Wesley Village is no exception,” declared chief executive officer of KBS Legacy Partners Apartment REIT, W. Dean Henry. “We are excited about the opportunity to own a quality asset in a city that continues to show strength and stability.”

Located at 2715 Wet Stone Way, Wesley Village sprawls on 14.8 acres near Highway 27 and Interstates 77 and 277, five miles west of Charlotte Douglas International Airport. The 301-unit high-end apartment community was constructed in 2009 and features 33 floor plans.

Community amenities include a 10,000-square-foot clubhouse, yoga studio, 24-hour club grade fitness center, resident gaming center equipped with Wii and Xbox 360, billiards room, Starbucks Java Bar and resident business center. The courtyard features a saltwater swimming pool with poolside cabanas, as well as a wet bar, custom grilling station, outdoor fireplace and conversation area.

The controlled access community has a valet trash service program and community recycling center, and ccess is provided to the Stewart Creek Greenway. Furthermore, the community offers a mountain bike check-out program and bark park. Elevators and WiFi access are also provided, as is an onsite guest suite.

The apartment complex features 33 unique floor plans, according to a press release. Apartments feature nine- to 20-foot ceilings, over-sized bedrooms, over-sized windows with plantation blinds, large walk-in closets, private terraces, sunroofs, European kitchens with stainless steel appliances, granite countertops/island kitchens, washers and dryers. Urban lofts and over-sized master suites can also be found, as well as garages and the possibility for extra storage.

The apartment complex was 93 percent occupied at the time of sale.  

Newport Beach, Calif.-based KBS Legacy Partners Apartment REIT is a joint venture sponsored by KBS Capital Advisors LLC (KBS-CA) and Legacy Partners Residential Realty LLC (LPRR) of Foster City, Calif. The purchase of Wesley Village brings the non-traded real estate investment trust’s portfolio to 1,752 units.

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Photo courtesy of Wesley Village Apartments’ Facebook page

Chart courtesy of Marcus & Millichap