Jun
11

Greenville Apartments Sold for $110,163/Unit

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KBS Legacy Partners Apartment REIT, Inc. has acquired the Millennium Apartment Homes, a 305-unit apartment community in Greenville, S.C. for $33.6 million. No cap rate was reported.

The community consists of 36, two-story buildings that were 93-percent occupied at the time of acquisition. The purchase ups the KBS Legacy Partners Apartment REIT portfolio to a total of 2,599 apartments units in Maryland, Minnesota, Texas, North and South Carolina and Illinois.

The Class-A Millennium Apartment Homes was built in 2009 and includes a clubhouse and 76 garages. It covers 303,131 rentable square-feet across nearly 33 acres.

“The Millennium Apartment Homes represent another great addition to KBS Legacy Partners Apartment REIT’s growing portfolio,” said W. Dean Henry, chief executive officer of KBS Legacy Partners Apartment REIT. “We believe its location between Charlotte N.C., and Atlanta, plus Greenville’s job growth potential, makes it a very attractive addition.”

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