Kennedy Wilson's Fund VI has acquired Autumn Ridge, a garden-style apartment community in the Citrus Heights neighborhood of Sacramento, for $120 million. The fund plans to invest an additional $9 million to upgrade the property including renovations to unit interiors, common spaces and amenities.

The Kennedy Wilson was attracted to the property because of recent growth in the Sacramento market with the firm's president Mary Ricks saying, "We are eager to expand our presence in a such a compelling market." A recent multifamily report from Yardi Matrix found that rents in Sacramento increased 6.4% this year, leading the nation for post-pandemic rent growth alongside Southern California industrial hub the Inland Empire. The two markets are also among the top three for occupancy growth year-over-year, with occupancy in the Inland Empire ticking up 2.2% in January and Sacramento showing a 1.2% increase.

The growth is linked to limited supply and new construction. There are also nearly 500,000 jobs within a 20-mile radius of the property, including in nearby communities like Roseville and the Sacramento Urban Core. According to research from Redfin, people relocating to the city from more expensive metros like San Francisco and Los Angeles are also supporting rent growth.