(Save the Date: RealShare Orange County 2012 comes to the Hyatt Regency, Irvine, August 16 and also save the date for RealShare Apartments, which comes to the Westin Bonaventure, Los Angeles, October 24.)
HUNTINGTON BEACH, CA-Kennedy Wilson and its partners acquired Via Verde, a 277-unit apartment complex here for $65.7 million. The firm placed a $47.8-million 10-year loan on the property from Freddie Mac at 3.59%.
“North Orange County is undergoing a tremendous renaissance of new multifamily and commercial development, creating a critical mass of new housing and retail amenities,” explains Robert Hart, president of KW Multifamily Management Group. “The nearby 800,000-square-foot Bella Terra lifestyle mall and the new Costco will drive tremendous traffic to Via Verde, and we plan to position the property into one of Huntington Beach’s top active lifestyle rental communities.”
The company plans to reposition the property with $3.5 million in improvements, including a new leasing center, fitness facility, dog park and sports court along with new contemporary paint scheme, landscaping enhancements and interior unit upgrades.
This deal brings Kennedy Wilson’s total acquisitions for the second quarter of 2012 to $889 million, according to a prepared release, including $788 million of real estate and $101 million of loans secured by real estate. For example, as GlobeSt.com previously reported, early this month, the company purchased the Waterford apartment community in San Francisco for $86.5 million from Avalon Communities. And in May, the firm purchased Capital Towers, a 409-unit apartment community in Sacramento for $64 million.
The firm isn’t only buying properties. In mid April, the firm sold two of its multifamily properties for a total of $154 million. Net proceeds of $64 million were to be distributed to the company and equity holders, including $18.5 million to Kennedy Wilson. The two properties include 360 Residences, a 213-unit luxury residential tower in San Jose, CA and Arbor Creek Apartment Homes, a 440-unit community in Beaverton, OR. At the time, the firm did not respond to GlobeSt.com queries as to reasons for selling.
According to a prepared statement, Kennedy Wilson, together with its institutional partners, has acquired approximately $6.6 billion of real estate and real estate secured debt through joint venture and consolidated investments since the beginning of 2010, including deals under contract.
Continue Reading for Free
Register and gain access to:
- 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
© 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.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
