HFF sells properties in Lombard, Schaumburg

Holliday Fenoglio Fowler announced the $480.65 million sale of 11 multi-housing communities including in Lombard and Schaumburg.

The company, with offices in Chicago, said the sale included 3,039 units located in core markets in Minnesota, Illinois, Missouri, Texas, Maryland, North Carolina and South Carolina.

The local properties are Legacy at Poplar Creek in Schaumburg and Legacy at Martin's Point in Lombard.

The HFF team marketed the offering on behalf of KBS Legacy Partners Apartment REIT Inc., a public, non-traded real estate investment trust sponsored by KBS Capital Advisors LLC and affiliates of Legacy Partners Residential Realty LLC. The properties were purchased in separate transactions between March 2017 and March 2018 by eight different buyers. Additionally, HFF's debt placement team secured acquisition financing on behalf of the new owners for six of the communities.

The HFF investment advisory team representing the seller consisted of executive managing director Matthew Lawton along with licensed local HFF teams in the respective markets.

"This eastern U.S. portfolio was very well received by the market," Lawton said. "The one-off and pool execution strategy enabled KBS Legacy to maximize net proceeds for their shareholders."