A subsidiary of KBS Legacy Partners Apartment REIT, Inc. has entered into an agreement to acquire the Millennium Apartment Homes, an apartment complex with 305 units on 32.9 acres of land in Greenville, SC.
The seller is Millennium Property LL, LLC. The purchase price is approximately $33.6 million plus closing costs.
Millennium Apartment Homes encompasses 303,131 rentable square feet and was constructed in 2009. The asset is currently 94% occupied. The current aggregate annual effective base rent for the tenants of Millennium Apartment Homes is approximately $3.2 million.