Kennedy Wilson Spends $167M on MF Buy

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.