Kennedy Wilson and Partners Acquire 188-Unit Apartment Community in Northern
California for $34M
BEVERLY HILLS, Calif. -- April 16, 2013
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.
VP of Corporate Communication
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