REIT Buying Pikesville, MD Apartment Complex for $65M
Posted February 20, 2012
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A subsidiary of KBS Legacy Partners Apartment REIT, Inc. has agreed to acquire The Residence at Waterstone, a 255-unit apartment complex on 25.2 acres of land in Pikesville, MD, for $65 million plus closing costs.
KBS has made an initial deposit of $500,000 on the acquisition. The seller is Avalon Village Green Associates, LLC.
The 255 apartment unit asset encompasses 370,436 rentable square feet in Pikesville, a northwest Baltimore suburb.
The Residence at Waterstone was constructed in 2002 and is currently 96 percent leased. The current aggregate annual base rent for the tenants of The Residence at Waterstone is $5.2 million.
In March, KBS will be required to make an additional deposit of $1.5 million under the purchase and sale agreement. It is obligated to purchase The Residence at Waterstone only after satisfaction of agreed upon closing conditions. KBS does not intend to make significant renovations or improvements to the asset.
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