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Crescent Park Apartments sold to California company

STAFF REPORTS
Published on Tuesday, May 8, 2012

Greer’s 240-unit Crescent Park Apartments has been acquired by KBS Legacy Partners Apartment (REIT), the Newport Beach, Calif., company announced today.

The acquisition of the 95-percent occupied complex brings KBS Legacy Partners Apartment REIT to 1,195 apartment units in four states.

“Crescent Park presented us with a core investment opportunity to acquire a high-quality, newly constructed development in one of the 25 key markets we're targeting for multifamily growth,” said W. Dean Henry, president of Legacy Partners Residential Realty.

Crescent Park is an apartment community developed in 2008. The 212,820-square-foot complex offers one, two and three-bedroom apartments averaging 887 square feet. Unit features include nine-foot ceilings, crown molding accents, walk-in closets and two-tone designer paint accents.

The 27-acre community also boasts a resort-style pool, clubhouse, billiards room and fitness center.

KBS Legacy Partners Apartment REIT also owns the 255-unit Residence at Waterstone in Pikesville, Md., the 504-unit Class A garden-style Legacy @ Valley Ranch Apartments in Irving, Texas, and Legacy @ Poplar Creek, a 196-unit complex outside of Chicago.

KBS Legacy Partners Apartment REIT (Real Estate Investment Trust) is a Newport Beach, Calif.-based, non-traded REIT sponsored by KBS Capital Advisors LLC (KBC-LA) and Legacy Partners Residential Realty LLC (LPRR) of Foster City, Calif.

 

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