International real estate investment and services firm Kennedy
Wilson (NYSE: KW) today announced that the company and its
partners acquired Village at Town Center, a 159-unit multifamily
property in El Cerrito, California and that the company acquired Big
Trout Lodge, a 297-unit multifamily community in Liberty Lake, a suburb
of Spokane, Washington. Both properties were acquired from The Wolff
Company, with a third related acquisition of 372 apartment units in a
Seattle suburb currently under contract and expected to close in the
first quarter of 2014.
The three properties are being purchased for a combined $167 million.
Kennedy Wilson and its partners invested approximately $26.2 million of
equity in the two closed transactions, $9.3 million of which was
contributed by the company. Additionally, Kennedy Wilson secured
approximately $51 million of debt with Fannie Mae for the two closed
transactions through CBRE Capital Markets.
“We are very pleased about the opportunity to purchase these three very
attractive assets through this off market transaction,” said Kurt Zech,
president of Kennedy Wilson’s Multifamily Management Group. “The
properties are all located in submarkets with excellent occupancy rates
and limited supply and where the company has extensive investment and
management experience.”
Big Trout Lodge offers a mix of one-, two- and three-bedroom units
averaging 945 square feet. Amenities include a resort style swimming
pool, BBQ and picnic area, fire pit and community garden area,
clubhouse, kid’s club, playground and 24 hour fitness room. The property
is situated near parks, golf courses, shopping, top ranked public
schools and a farmer’s market. Kennedy Wilson currently intends to
continue the current unit interior renovation plan, including upgrades
to the cabinetry, plank flooring, doors, lighting and hard-ware packages.
Village at Town Center consists of one- and two-bedroom units averaging
875 square feet. Amenities include a fitness center, courtyards and
full-size washer dryers in all units as well as convenient access to
freeways, two BART Stations and the major employment hubs of the East
Bay and San Francisco. The property’s retail tenants provide an added
convenience for residents, including financial advisors, dentistry and
tutoring in addition to a nearby grocery store, local parks, malls and a
theater. El Cerrito is located about five miles from the University of
California at Berkeley.
Kennedy Wilson, together with its institutional partners, has acquired
approximately $2.8 billion of real estate and real estate related debt
since the beginning of 2013. The company’s global multifamily portfolio
totals 17,355 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.
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