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KBS Legacy board recommends stockholders reject Everest REIT Investors tender offer

KBS Legacy PartnersApartment REIT Inc.'s board of directors has unanimously recommendedthat the company's stockholders reject Everest REIT Investors I LLC's cash tenderoffer to acquire up to1,025,000 shares of KBS Legacy's common stock at $7.20 apiece.

KBS Legacy's board believes that the offer price is "significantlyless" than the present value and potential long-term value of the shares.

Additionally, the board also believes that the tender offer representsan "opportunistic attempt" by Everest REIT to acquire shares at a "deeplydiscounted" price relative to their current estimated value and make a profit,thereby depriving the stockholders who tender shares in the offer of the possibleopportunity to realize the full long-term value of their investment in the shares.

Unless extended, the tender offer will expire at 5:00 p.m. PTon May 31.