Securities Investigation – KBS Legacy Partners Apartment REIT
According to Securities and Exchange Commission filings, KBS Legacy Partners Apartment REIT has filed articles of dissolution with the State Department of Assessments and Taxation of Maryland as part of its plan to liquidate and dissolve the company.
KBS Legacy Partners Apartment REIT is a non-traded Real Estate Investment Trust (REIT) that closed its initial public offering on March 12, 2013, and its follow-on public offering on March 31, 2016. During its offering, the REIT acquired high-quality core apartment communities throughout the United States by investing in apartment buildings, according to Bloomberg.
Stockholders reportedly approved the REIT’s plan of liquidation last December, and received an initial liquidating distribution of $4.05 per share of common stock at the end of 2017.
Stockholders are expected to receive net proceeds of $8.45 per share, as part of the liquidation plan. The original offering price was $10.00/share.
Investigating Potential Claims
The White Law Group continues to investigate potential claims involving broker dealers who may have unsuitably recommended KBS Legacy Partners Apartment REIT to investors.
Non-traded REITS, like KBS Legacy Partners Apartment REIT, are complex, high risk investments. Lack of liquidity is often a problem for investors. Investors looking to sell often have difficulty finding a buyer, and can suffer significant losses on the sale.
Broker dealers are required to inform clients of the risks associated with investment recommendations and to ensure that those recommendations are suitable for the investor in light of the investor’s age, risk tolerance, net worth, and investment experience. Firms that fail to do so may be held responsible for any losses through FINRA Arbitration.
If you invested in KBS Legacy Partners Apartment REIT at the recommendation of your financial advisor and would like to discuss your litigation options with a securities attorney, please call The White Law Group at 1-888-637-5510 for a free consultation.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group and its investigations, visit www.whitesecuritieslaw.com.