LOS ANGELES-Kennedy Wilson has acquired three multifamily properties in Liberty Lake and Seattle, WA, and El Cerrito, CA, from the Wolff Co., totaling $167 million. The two properties have 456 units. The company invested $26.2 million in equity and funded the remaining with $51 million of debt secured through CBRE Capital Markets.
Located in El Cerrito, CA, Village at Town Center has 159 units with a mix of one- and two-bedrooms. The building features a fitness center, courtyard and in-unit washers and dryers. It is located along the BART line, offering easy access to public transportation. “We are very strong believers in the East Bay. We think with the extremely low vacancies and high rents in San Francisco and along the Peninsula is going to continue,” Kurt Zech, president of Kennedy Wilson's Multifamily Group, tells GlobeSt.com.
Big Trout Lodge in Liberty Lake, WA, has 297, one-, two- and three-bedroom units. The building offers resort-style living with a swimming pool, community garden, clubhouse and fitness center. Kennedy Wilson is planning to renovate the interior units to a modern living experience. The renovation includes the kitchen, flooring and lighting. The 372-unit Seattle property acquisition is pending, but is expected to close in the next few weeks.
These properties are part of Kennedy Wilson's ongoing strategy to expand its West Coast portfolio. “Our strategy remains consistent,” says Zech. “We are looking for multifamily assets in the Western states. Generally, we are value-add, opportunistic buyers, and we generally buy in submarkets around the major metropolitan areas. We often will buy in submarkets that get less attention so we can get higher yields.”
Recently, GlobeSt.com reported that Kennedy Wilson also purchased the Pointe in Portland for $39 million. The multifamily property has 388-units and was a value-add opportunity in a strong submarket, according to Zech.
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Kelsi Maree Borland
