The board of KBS Legacy Partners Apartment REIT, a publicly registered non-traded real estate investment trust, declared a $1.00 per share special distribution and subsequently approved a new net asset value.
The $1.00 special distribution will be funded from the net proceeds received from the recent sale of Wesley Village, a multifamily property located in Charlotte, North Carolina. As reported by The DI Wire last week, Bluerock Residential Growth REIT Inc. (NYSE MKT: BRG) purchased the property for approximately $56.85 million.
The distribution, which will be issued to stockholders of record as of the close of business on April 20th, will be paid on May 1st and will not be eligible for reinvestment through the company’s dividend reinvestment plan.
The REIT’s board also approved an updated net estimated value of $8.35 per share of company’s common stock, effective April 20, 2017. The previous NAV was $9.35 per share, as of September 30, 2016.
KBS Legacy Partners Apartment REIT commenced its initial offering in March 2010 and terminated in March 2014 after raising approximately $216 million. The company’s portfolio is comprised of 10 multifamily properties valued at approximately $410 million.