KBS Legacy Partners Apartment REIT Buys 255-Unit Community in Pikesville
- Apr 15, 2012
By Adrian Maties, Associate Editor
KBS Legacy Partners Apartment REIT, Inc. has acquired a Class A 255-unit apartment complex in Pikesville, Maryland. The transaction closed on April 6, representing the third equity acquisition for the Newport Beach, Calif.-based, non-traded REIT. Kettler Management, Inc. will manage the property.
Known as The Residence at Waterstone, the 370,591-square-foot community is located at 225 Galvariun Court in Pikesville, just 13 miles north of downtown Baltimore. Interstate 695 is one mile south of the property along Maryland State Route 140, Reisterstown Road. KBS paid $64.7 million to purchase the apartment community. Avalon Village Green Associates, LLC was the seller.
The complex was constructed in 2002 on approximately 25.2. It consists of 29 two- and three-story townhome-style buildings and a club house. Renters can choose from 11 floor plan configurations. The one-, two- and three-bedroom units are spacious and include washer/dryers, walk-in closets, double vanities and soaking tubs, as well as attached garages and private entrances.
Units range from 927 square feet to 1,834 square feet with monthly rents from $1,595 to $2,615. The community is currently 96 percent leased.
Amenities include a resort-style swimming pool, lighted tennis court, 24-seat theater, media room, fitness center, conference room, a business center, cyber cafe and library. Including the 255 private attached one- and two-car garages, the total number of parking spaces is 472.
“The Residence at Waterstone is a luxurious, institutional-quality apartment complex surrounded by premier retail and restaurant options,” said W. 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.”
KBS Legacy Partners Apartment REIT is a joint venture between KBS Capital Advisors LLC and Legacy Partners Residential Realty LLC. The company also owns the 504-unit Class A garden-style Legacy at Valley Ranch Apartments in Irving, Texas, and the 196-unit Legacy at Poplar Creek, a complex in Schaumburg, a northwestern suburb of Chicago.
Image courtesy of www.theresidenceatwaterstone.com/.