Charlotte’s Wesley Village Apartments Under Contract


Subsidiaries of KBS Legacy Partners Apartment REIT Inc have entered into an agreement to acquire Wesley Village, an apartment complex containing 301 apartment units on 14.8 acres of land in Charlotte, NC.

The purchase price of Wesley Village is approximately $45.8 million plus closing costs.

Wesley Village is adjacent to the Central Business District (CBD) and consists of 301 apartment units, encompassing 308,377 rentable square feet. Wesley Village was constructed in 2009 and is currently 92% occupied.

KBS intends to fund the purchase of Wesley Village with proceeds from a mortgage loan and proceeds from its ongoing initial public offering.

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