CHICAGO—Newport Beach, Calif.-based KBS Legacy Partners Apartment REIT has acquired Martin’s Point, a 256-unit apartment complex in Lombard, 20 miles west of Chicago. Currently 97 percent occupied, Martin’s Point marks the non-traded REIT’s fourth acquisition since the beginning of 2012.
Constructed in 1989 and partially renovated in 2009, Martin’s Point, which is currently known as Avalon Lombard, sits on 13.2 acres near Interstates 88, 294 and 355, 20 miles southwest of O’Hare International Airport and less than five miles from Chicago’s prestigious Oakbrook Center.
The garden-style complex offers 201,924 sq. ft. of rentable space in one- and two-bedroom units. Onsite amenities include a swimming pool with sundeck, fitness center and clubhouse.