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KW Multifamily Picks Up 331 Units

SAN JOSE, CA-The Beverly Hills-based apartment investor pays $45.8 million for College Park, a 12-acre development adjacent to San Jose City College.

By Brian K. Miller | Updated on August 05, 2007

(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.

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