Kennedy Wilson acquires multifamily properties in Washington and California
Kennedy Wilson has acquired Village at Town Center, a 159-unit multifamily property in El Cerrito, California, and 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 USD167m. Kennedy Wilson and its partners invested approximately USD26.2m of equity in the two closed transactions, USD9.3m of which was contributed by the company. Additionally, Kennedy Wilson secured approximately USD51m 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," says 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 hardware packages.
Village at Town Center consists of one- and two-bedroom units averaging 875 square feet. Amenities include a fitness centre, 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 theatre. El Cerrito is located about five miles from the University of California at Berkeley.
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