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KBS Legacy Partners stockholders to vote on liquidation plan

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KBS Legacy Partners stockholders to vote on liquidation plan

KBS Legacy Partners Apartment REIT Inc. stockholders will vote on the company's liquidation and dissolution plan at its annual meeting slated for Dec. 19.

Under the plan, the company will sell all its remaining properties, pay its liabilities and distribute its remaining cash to stockholders. It expects to make liquidating distributions of roughly $8.27 to $8.70 per share within 12 months after shareholder approval. Stockholders will also consider at the meeting proposed changes to the company's charter, among other proposals.

On Sept. 5, the company's subsidiaries agreed to sell Legacy at Valley Ranch in Irving, Texas; The Residence at Waterstone in Pikesville, Md.; Crystal Park at Waterford in Frederick, Md.; and Lofts at the Highlands in St. Louis to RREF III-P Elite Venture LLC for total consideration of $218.9 million, including assumed mortgages. The proposed sale of these core-portfolio properties is subject to shareholder approval of the liquidation plan, according to a filing.