Everest REIT Investors I LLC kicked off a cash tender offer to buy up to 950,000 shares of KBS Legacy Partners Apartment REIT Inc.'s common stock at $7.50 apiece.

The shares make up roughly 5.01% of the company's outstanding common stock.

If all shares sought are tendered, consummation of the offer would require Everest REIT Investors I to pay up to about $7.1 million in aggregate purchase price.

Everest REIT Investors and its affiliates currently beneficially own 94,217 shares of KBS Legacy Partners Apartment.

The offer will expire at 5 p.m. PT on Feb. 6, 2017, unless extended.