Kennedy Wilson and Partners Acquire 188-Unit Apartment Community in Northern California for $34M
International real estate investment and services firm Kennedy
Wilson (NYSE: KW) today announced the acquisition of
Montelena Apartments, a 188-unit multifamily community in Hayward, CA,
from a private investment group. The company and its investment partners
purchased the property for $34 million, investing $11 million of equity
in the transaction (including $6 million from Kennedy Wilson) and
placing approximately $27 million of fixed rate financing with Freddie
Mac through CBRE Capital Markets at 3.5% for ten years.
“Montelena is a complementary investment to our recent acquisition of
The Bridge, a 544-unit apartment project located three miles to the
south of this asset,” said Bob Hart, president of KW Multifamily
Management Group. “The property is ideally situated adjacent to the
South Hayward BART station that connects its residents to all major
employment centers of the East Bay, South Bay, Silicon Valley and San
Francisco.”
The company and its partners plan to invest approximately $4 million in
Montelena to upgrade the exterior finishes, enhance the clubhouse and
fitness center and improve the interior units.
Kennedy Wilson, together with its institutional partners, has acquired
approximately $9 billion of real estate and real estate related debt
since the beginning of 2010. The company’s multifamily portfolio in the
U.S., Ireland and Japan totals more than 15,000 units.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is an international real estate
investment and services company headquartered in Beverly Hills, CA with
24 offices in the U.S., U.K., Ireland, Spain and Japan. The company
offers a comprehensive array of real estate services including auction,
conventional sales, property services, research and investment
management. Through its fund management and separate account businesses,
Kennedy Wilson is a strategic investor of real estate investments in the
U.S., U.K., Ireland and Japan. For further information on Kennedy
Wilson, please visit www.kennedywilson.com.
