KBS Legacy Partners Apartment REIT, a Newport Beach-based REIT, purchased the 256-unit apartment complex at 2101 S. Finley Road in Lombard, IL, from AvalonBay Communities Inc. for $35.5 million.
The multifamily complex was constructed in 1989 and underwent partial renovations in 2009. The community was formally known as Avalon Lombard and is now Martin’s Point. Martin’s Point is 20 miles west of Chicago and less than 5 miles from the Oakbrook Center. The complex offers onsite amenities such as a swimming pool with sundeck, clubhouse and fitness center. At the time of the sale the complex was 97 percent occupied.
The sale marks the second complex to be sold by AvalonBay to KBS Legacy Partners Apartment REIT.
Marty O’Connell and Matthew Lawton of HFF were involved on the seller’s side.
Please see CoStar COMPS #2485162 for additional information.