FREDERICK, MD–Crystal Park At Waterford has traded for $44.4 million to Elite Street Capital, a Houston, Texas-based firm. The seller of the 314-unit garden property was KBS Legacy Partners Apartment REIT.
KBS had put Crystal Park At Waterford along with several other properties on the market last year, striking a deal with Elite to purchase all of them. All together Elite had agreed to pay $218.9 million for the 1,273 unit portfolio, or $171,956 per unit.
The other properties that Elite had agreed to purchase included Legacy at Valley Ranch in Irving, Texas for $68.5 million; The Residence at Waterstone in Pikesville, Md, for $60.1 million; and Lofts at the Highlands, in St. Louis selling for $44.4 million.
Last year KBS Legacy Partners Apartment REIT announced it would liquidate and sell off its holdings.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
