Search
 

Kennedy Wilson, Emerald Sell 31 Condos at Auction

RICHMOND, CA-Sold for $245,000 each on average, the 700- to 900-sf units are part of a complex here that three Kennedy Wilson funds acquired in June.

By Brian K. Miller | Updated on August 19, 2008

RICHMOND, CA-A joint venture of three Kennedy Wilson funds and Emerald Fund Inc. auctioned off 31 condominiums here for $7.6 million or $245,000 apiece on average. The units are within a 20-year-old, 488-unit former apartment complex at 1 Shoreline Ct. known as Marina Shores, which sits next to Marian Bay and the Bay Trail.

The KW funds — KW Bay Fund Opportunity LLC, KW BASGF II and KW Fund III — acquired a majority interest in the asset and another nearby in June by taking out Lennar Corp. for an unknown sum, thereby becoming partners in the assets with Emerald Fund Inc., a San Francisco-based condominium/multifamily specialist. At that time, the two properties had a combined 712 units, 515 of them still available two years after they hit the market. Rhett Winchell, president of the Kennedy Wilson Auction Group, which handled the auction, did not immediately respond to a request for comment on how many units remain to be sold and whether they would be sold art auction.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.