(Read more on the multifamily market .)
SAN JOSE, CA-Kennedy Wilson Multifamily Management Group has acquired College Park, a 331-unit rental property here that sits adjacent to San Jose City College. The Beverly Hills-based apartment investor paid private investor Tod Spieker $45.8 million for the asset, which will receive a $5.4-million renovation and be renamed the Grove.
Built in the late 1960s on 11.7 acres at 1919 Fruitdale Ave., College Park is comprised of 15 buildings, two outdoor pools, a volleyball court and a fitness center. The renovation plan includes improvements to all common areas and interior apartment unit upgrades such as in-wall air conditioning units, new countertops and appliances, refaced cabinetry, ceiling fans and new light fixtures.
Kennedy Wilson acquired the asset with equity partner AIG Global Real Estate. "The property is located just a mile from one of our best-performing assets, the Creekside Apartments," says KW Multifamily managing director Kurt Zech.
Keith Suddjian and Tod Spieker Jr. of Cornish & Carey Commercial negotiated the transaction. GE provided three-year debt financing for the project.
In July, with partner Rreef, KW acquired two assets in the Seattle area. It paid $80 million for the Mill, a 516-unit apartment complex north of Seattle in the City of Mill Creek. Earlier in the month, the partnership said it paid $300 million for a Downtown Seattle office building and an adjoining condominium development.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
