REBusinessOnline

KBS LEGACY REIT ACQUIRES FIRST ASSET

IRVING — KBS Legacy Partners Apartment REIT has purchased Dakota Hill, a 504-unit Class A luxury, garden-style apartment complex in Irving for $36.1 million, representing the REIT's first acquisition since being launched in March 2010 by KBS Capital Advisors and Legacy Partners Residential Realty (LPRR). Dakota Hill consists of 22 three-story buildings across 20.3 acres. It was built in 1999 and is more than 94 percent occupied. Mark Stymiest of CB Richard Ellis' Dallas office represented the seller, while Legacy Partners Residential, an affiliate of LPRR, represented KBS Legacy Partners Apartment REIT.

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