Pikesville, Md.—KBS Legacy Partners Apartment REIT has completed its acquisition of The Residence at Waterstone, a 255-unit Class A asset located in Pikesville, Md., about 13 miles northwest of downtown Baltimore. The property was 96 percent leased at the time of sale. It was the third equity acquisition for the Newport, Calif., non-traded REIT that is sponsored by KBS Capital Advisors.
“The Residence at Waterstone is a luxurious, institutional-quality apartment complex surrounded by premier retail and restaurant options,” says Dean Henry, president of Legacy Partners Residential Realty. “It offers a prestigious address for residents wanting a suburban setting within easy access of downtown Baltimore and the Inner Harbor.”
The 2002-built community was originally designed to be sold as condominiums, so each unit has a townhouse style and its own direct access garage and private entry. Amenities include a swimming pool, lighted tennis courts, 24-seat theater, media room, fitness center, conference room, internet café and library.
The Residence at Waterstone hit the market back in December, with Institutional Property Advisors working with exclusive listing rights.
Strategic Capital Partners Buys Oklahoma City Community
Oklahoma City, Okla.—Strategic Capital Partners LLC has acquired a Class A, 276-unit community through their high net worth Core Plus fund, Strategic Capital Partners Real Estate Opportunity Fund I. The property, Quail Springs, is located in the northeast submarket of Oklahoma City. It was the third property acquisition within the fund.
“This deal offers a strong current yield to our investors as well as future capital appreciation,” says Robb Bollhoffer, managing director for SCP. “We look forward to adding additional properties to the fund throughout 2012.”
Built in 2001, Quail Springs was 92 percent leased at the time of sale. Strategic Capital plans to execute a value-add play that will invest capital into upgrading the common areas, adding more landscaping, and a fixing minor deferred maintenance.
NAI Hunneman brokers $2.7M sale of 100%-occupied building
Boston—NAI Hunneman announced it has brokered the sale of 491-495 Huntington Avenue in Boston’s Hyde Park neighborhood to 491 Huntington Realty Trust for $2.7 million.
NAI Hunneman brokers Robert Tito, executive vice president and principal, and Dan McGee, investment sales specialist, also represented the seller, Kingsley Brightwood LLC, in the transaction.
491-495 Huntington Ave. is a 22,320-square-foot, 24-unit apartment building located in the Stony Brook section of Hyde Park. The attractive brick building, which has three stories plus a lower level, has been professionally managed and well-maintained, and currently is 100 percent occupied. Built in 1965, the property features many recent improvements including updated kitchens. The building contains a mix of 18 two-bedroom units and 6 one-bedroom units.
“With its great urban location, proximity to the Hyde Park commuter rail station and full tenant roster, 491-495 Huntington Ave. represents a terrific investment opportunity for its new owner,” says Tito.