KBS Legacy Partners Apartment REIT has purchased Martin’s Point, a 256-unit apartment complex in Lombard. KBS Legacy Partners Apartment REIT is a Newport Beach, Calif.-based, non-traded REIT sponsored by KBS Capital Advisors LLC and Legacy Partners Residential Realty LLC of Foster City, Calif. Martin’s Point is 97 percent occupied and marks the non-traded REIT’s fourth acquisition since the beginning of the year.
Constructed in 1989 and partially renovated in 2009, Martin’s Point, which is currently known as Avalon Lombard, sits on 13.2 acres near Interstates 88, 294 and 355, 20 miles southwest of O’Hare International Airport and less than five miles from Chicago’s Oakbrook Center. The garden-style complex offers 201,924 square feet of rentable space in one- and two-bedroom configurations. Onsite amenities include a swimming pool with sundeck, fitness center and clubhouse.
KBS Legacy Partners Apartment REIT also owns another Chicago-area property, Poplar Creek, as well as Crescent Park in Greer, S.C., the 255-unit Residence at Waterstone in Pikesville, Md., and the 504-unit garden-style Valley Ranch Apartments in Irving, Texas.
