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Kennedy Wilson, Hanover Financial Buy 454-Unit Apartment Portfolio for $51M

LARKSPUR, CA-The Beverly Hills-based real estate fund manager and its strategic partner acquire the portfolio of Northern California properties from locally based Fowler Property Acquisitions.

By Brian K. Miller | Updated on September 07, 2005

LARKSPUR, CA-Locally based Fowler Property Acquisitions has sold another apartment portfolio to Kennedy Wilson, the Beverly Hills-based real estate fund and asset manager. This time, Kennedy Wilson partnered with real estate equity provider Hanover Financial Co. to acquire 454 units in three Northern California developments for $51 million.

The properties are located in the cities of Napa, Pinole and Davis. Kennedy Wilson managing director Eddie Ring did not return a Wednesday afternoon phone call seeking comment.

The Napa property is Case De Vallecita, a 66-unit townhome community located at 1600 Pueblo Ave. that is fully leased. The nine-building two-story complex was built on 2.82 acres in 1974. Kennedy Wilson intends to improve all common areas and develop a new leasing suite.

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