Oakmont Properties, Inc. completed the acquisition of Hardware Apartments from KBS Real Estate Investment Trust III, Inc. and an unaffiliated developer for approximately $180 million.
May 12, 2020
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Oakmont Properties, Inc. entered into a purchase and sale agreement to acquire Hardware Apartments from KBS Real Estate Investment Trust III, Inc. and an unaffiliated developer on December 6, 2019. KBS Real Estate Investment Trust III, Inc. provided short-term market rate seller financing to help Oakmont Properties, Inc. to complete the transaction. Bruce Fischer, Tatyana Litovsky, Chrisdo Fan, and Amanda Kennedy of Greenberg Traurig, LLP acted as legal advisors for KBS Real Estate Investment Trust III, Inc.
Oakmont Properties, Inc. completed the acquisition of Hardware Apartments from KBS Real Estate Investment Trust III, Inc. and an unaffiliated developer for approximately $180 million on May 7, 2020. The purchase price was paid in a combination of approximately $27.8 million in cash and approximately $150.2 million in seller financing provided by an indirect wholly owned subsidiary of KBS Real Estate. The unaffiliated developer received a distribution of $6.4 million of the proceeds from the sale, assigned its interest in the property. KBS Real Estate Investment Trust III, Inc. sold 99.24% stake in the property. In connection with this the seller financing, Oakmont Properties, Inc. entered into a promissory note with the lender for $150.2 million. The promissory note is secured by a first mortgage on Hardware Village.
KBS Real Estate Investment Trust III, Inc. is a real estate investment trust (REIT). The Company acquires and manages a diverse portfolio of core real estate properties. The Company conducts its business through KBS Limited Partnership III (the Operating Partnership). The Company's primary investment focus was core office properties located throughout the United States, through which the Company invests in other types of properties and real estate-related investments. The Company owns approximately 16 office properties, one mixed-use office/retail property and an investment in the equity securities of a Singapore real estate investment trust (the SREIT). The primary types of office properties the Company intends to invest in include low-rise, mid-rise and high-rise office buildings and office parks in urban and suburban locations. The Company is managed by KBS Capital Advisors LLC.
Oakmont Properties, Inc. completed the acquisition of Hardware Apartments from KBS Real Estate Investment Trust III, Inc. and an unaffiliated developer for approximately $180 million.
KBS REAL ESTATE INVESTMENT TRUST III, INC. 
