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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K/A

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 26, 2010

KBS LEGACY PARTNERS APARTMENT REIT, INC.

(Exact name of registrant specified in its charter)

620 Newport Center Drive, Suite 1300

Newport Beach, California 92660

(Address of principal executive offices)

Registrant’s telephone number, including area code: (949) 417-6500

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant

under any of the following provisions:

¨  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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ITEM 2.01 COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS

On October 26, 2010, KBS Legacy Partners Apartment REIT, Inc. (the “Company”) filed a Form 8-K dated October 25, 2010 with regard to the acquisition of a 452,227 square foot Class A apartment complex containing 504 units located in Irving, Texas (“Legacy at Valley Ranch”). The Company hereby amends the Form 8-K dated October 25,  2010 to provide the required financial information related to its acquisition of Legacy at Valley Ranch.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of

KBS Legacy Partners Apartment REIT, Inc.

We have audited the accompanying statement of revenues over certain operating expenses of Legacy at Valley Ranch for the year ended December 31, 2009. This statement is the responsibility of Legacy at Valley Ranch’s management. Our responsibility is to express an opinion on the statement based on our audit.

We conducted our audit in accordance with the auditing standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the statement of revenues over certain operating expenses is free of material misstatement. We were not engaged to perform an audit of Legacy at Valley Ranch’s internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Legacy at Valley Ranch’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the statement of revenues over certain operating expenses, assessing the accounting principles used and significant estimates made by management, and evaluating the overall presentation of the statement of revenues over certain operating expenses. We believe that our audit provides a reasonable basis for our opinion.

The accompanying statement of revenues over certain operating expenses was prepared for the purpose of complying with the rules and regulations of the Securities and Exchange Commission, as described in Note 2, and is not intended to be a complete presentation of Legacy at Valley Ranch’s revenues and expenses.

In our opinion, the statement of revenues over certain operating expenses referred to above presents fairly, in all material respects, the revenues and certain operating expenses, as described in Note 2, of Legacy at Valley Ranch for the year ended December 31, 2009, in conformity with U.S. generally accepted accounting principles.

/s/ Ernst & Young LLP

Irvine, California

December 22, 2010

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LEGACY AT VALLEY RANCH

STATEMENTS OF REVENUES OVER CERTAIN OPERATING EXPENSES

See accompanying notes.

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LEGACY AT VALLEY RANCH

NOTES TO STATEMENTS OF REVENUES OVER CERTAIN OPERATING EXPENSES

For the Nine Months Ended September 30, 2010 (unaudited)

and the Year Ended December 31, 2009

On October 26, 2010, KBS Legacy Partners Apartment REIT, Inc. (“KBS Legacy Partners REIT”) acquired, through an indirect wholly owned subsidiary, a 452,227 square foot Class A apartment complex containing 504 units located in Irving, Texas ( “Legacy at Valley Ranch”) from Dakota Hill Properties, a Texas Limited Partnership (the “Seller”). Legacy at Valley Ranch is located on approximately 20.3 acres of land. The purchase price of Dakota Hill was $36.1 million plus closing costs.

KBS Legacy Partners REIT is a Maryland corporation formed to invest in and manage a diverse portfolio of high quality apartment communities located throughout the United States.

The accompanying statements of revenues over certain operating expenses have been prepared to comply with the rules and regulations of the Securities and Exchange Commission (“SEC”).

Legacy at Valley Ranch is not a legal entity and the accompanying statements of revenues over certain operating expenses are not representative of the actual operations for the periods presented, as certain revenues and expenses have been excluded that may not be comparable to the revenues and expenses KBS Legacy Partners REIT expects to incur in the future operations of Legacy at Valley Ranch. Excluded items include interest, depreciation and amortization, and general and administrative costs not directly comparable to the future operations of Legacy at Valley Ranch.

An audited statement of revenues over certain operating expenses is being presented for the most recent fiscal year available instead of the three most recent years based on the following factors: (i) Legacy at Valley Ranch was acquired from an unaffiliated party and (ii) based on due diligence of Legacy at Valley Ranch by KBS Legacy Partners REIT, management is not aware of any material factors relating to Legacy at Valley Ranch that would cause this financial information not to be indicative of future operating results.

Square footage, acreage, occupancy and other measures used to describe real estate included in these notes to the statements of revenues over certain operating expenses are presented on an unaudited basis.

Revenue Recognition

Legacy at Valley Ranch leases multifamily residential apartments under operating leases generally with terms of one year or less. Rental revenue, net of concessions, is recognized on a straight-line basis over the terms of the leases. Tenant reimbursements and other income consist of charges billed to tenants for utilities, carport and garage rental, administrative, application and other fees. Tenant reimbursements and other income are recognized when earned.

Use of Estimates

The preparation of financial statements, as described in Note 2 and in conformity with U.S. generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates.

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LEGACY AT VALLEY RANCH

NOTES TO STATEMENTS OF REVENUES OVER CERTAIN OPERATING EXPENSES (CONTINUED)

For the Nine Months Ended September 30, 2010 (unaudited)

and the Year Ended December 31, 2009

Legal Matters

From time to time, Legacy at Valley Ranch may become party to legal proceedings that arise in the ordinary course of its business. Management is not aware of any legal proceedings of which the outcome is reasonably likely to have a material adverse effect on its results of operations or financial condition.

Environmental

Legacy at Valley Ranch is subject to various environmental laws of federal, state and local governments. Compliance with existing environmental laws is not expected to have a material adverse effect on Legacy at Valley Ranch’s financial condition and results of operations as of December 31, 2009.

KBS Legacy Partners REIT evaluates subsequent events up until the date the financial statements are issued. The accompanying financial statements were issued on December 22, 2010.

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KBS LEGACY PARTNERS APARTMENT REIT, INC.

SUMMARY OF UNAUDITED PRO FORMA FINANCIAL STATEMENTS

The following pro forma information should be read in conjunction with the consolidated balance sheet of KBS Legacy Partners Apartment REIT, Inc. (“KBS Legacy Partners REIT”) as of December 31, 2009 contained in KBS Legacy Partners REIT’s registration statement on Form S-11 filed on February 23, 2010 (no. 333-161449) and the balance sheet and related consolidated statements of operations, stockholders’ equity, cash flows and notes thereto for the three and nine months ended September 30, 2010 contained in KBS Legacy Partners REIT’s Quarterly Report on Form 10-Q filed on November 10, 2010. In addition, this pro forma information should be read in conjunction with the statements of revenues over certain operating expenses and the notes thereto of Legacy at Valley Ranch, which are included herein.

The following unaudited pro forma balance sheet as of September 30, 2010 has been prepared to give effect to the acquisition of Legacy at Valley Ranch as if the acquisition occurred on September 30, 2010.

The following unaudited pro forma statements of operations for the nine months ended September 30, 2010 and for the year ended December 31, 2009 have been prepared to give effect to the acquisition of Legacy at Valley Ranch, as if the acquisition occurred on January 1, 2009.

These unaudited pro forma financial statements are prepared for informational purposes only and are not necessarily indicative of future results or of actual results that would have been achieved had the acquisition of Legacy at Valley Ranch been consummated as of the dates indicated. In addition, the pro forma balance sheet includes pro forma allocations of the purchase price based upon preliminary estimates of the fair value of the assets and liabilities acquired in connection with the acquisition. These allocations may be adjusted in the future upon finalization of these preliminary estimates.

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KBS LEGACY PARTNERS APARTMENT REIT, INC.

UNAUDITED PRO FORMA BALANCE SHEET

As of September 30, 2010

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KBS LEGACY PARTNERS APARTMENT REIT, INC.

NOTES TO UNAUDITED PRO FORMA BALANCE SHEET

As of September 30, 2010

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KBS LEGACY PARTNERS APARTMENT REIT, INC.

UNAUDITED PRO FORMA STATEMENT OF OPERATIONS

For the Nine Months Ended September 30, 2010

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KBS LEGACY PARTNERS APARTMENT REIT, INC.

NOTES TO UNAUDITED PRO FORMA STATEMENT OF OPERATIONS

For the Nine Months Ended September 30, 2010

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KBS LEGACY PARTNERS APARTMENT REIT, INC.

UNAUDITED PRO FORMA STATEMENT OF OPERATIONS

For the Year Ended December 31, 2009

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KBS LEGACY PARTNERS APARTMENT REIT, INC.

NOTES TO UNAUDITED PRO FORMA STATEMENT OF OPERATIONS

For the Year Ended December 31, 2009

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