HAYWARD, CA-Kennedy Wilson has purchased the Waterford apartment community here for $86.5 million. The 544-unit property was sold by Avalon Communities.

The Beverly Hills, CA-based KW and its partners purchased the property with $68.1 million in financing from Freddie Mac at 3.69% fixed for 10 years. Robert Hart, president of KW’s Multifamily Management Group, said in a statement that the complex is a very attractive investment. “Waterford is in a strategic job centric infill location, and situated in the East Bay near the entrance to the San Mateo Bridge, providing convenient access to residents commuting to Silicon Valley, South Bay and San Francisco,” he said.

The complex is comprised of 29 two- and three-story residential buildings. Amenities include a fitness center, two swimming pools and a playground. The firm plans to enhance the amenities and upgrade the buildings with new paint and landscaping.