HAYWARD, CA—Kennedy Wilson has acquired Montelena Apartments, a 188-unit multifamily community in Hayward, CA, from a private investment group. The company and its investment partners purchased the property for $34 million, investing $11 million of equity in the transaction (including $6 million from Kennedy Wilson) and placing approximately $27 million of fixed rate financing with Freddie Mac through CBRE Capital Markets at 3.5% for ten years.
“Montelena is a complementary investment to our recent acquisition of The Bridge, a 544-unit apartment project located three miles to the south of this asset,” said Bob Hart, president of KW Multifamily Management Group. “The property is ideally situated adjacent to the South Hayward BART station that connects its residents to all major employment centers of the East Bay, South Bay, Silicon Valley and San Francisco.”
The company and its partners plan to invest approximately $4 million in Montelena to upgrade the exterior finishes, enhance the clubhouse and fitness center and improve the interior units.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
