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KBS Legacy Partners Apartment REIT shareholders approve liquidation plan

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KBS Legacy Partners Apartment REIT shareholders approve liquidation plan

KBS Legacy Partners Apartment REIT shareholders approved the company's liquidation plan and sale of its core portfolio properties for $217.5 million, and the company authorized an initial liquidating distribution of $4.05 per share.

The company estimated that the per-share value of its stock is $8.45, including the initial liquidating distribution, based on the proceeds from all properties sold through Dec. 20 and other items. That value is in addition to a $1.00-per-share special distribution paid May 1.

The liquidating distribution should be paid Dec. 27 to shareholders of record as of Dec. 21.

Additionally, KBS Legacy Partners said it completed the sale of the Poplar Creek apartment complex in Schaumburg, Ill., for $30.5 million.

The company said that the consideration for its core portfolio properties, which include 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, was reduced by $1.4 million from a previously agreed-upon price of $218.9 million after the buyer, RREF III-P Elite Venture, noted certain items during the due diligence period.