Kennedy Wilson Acquires $363M Assets
Kennedy Wilson added a 408-unit, a 331-unit and a 1,008-unit apartment community to its growing portfolio.
by Adina Marcut
Beverly Hills, Calif.—Global real estate investment company Kennedy Wilson recently announced a series of multifamily transactions totaling $363 million: Alara Hedges Creek, a 408-unit apartment community located in a suburb of Portland, Ore., for $96 million; The Grove, a 331-unit apartment community located in San Jose, Calif., for $96 million; and a $175 million refinance of Bella Vista at Hilltop, a 1,008-unit apartment community located in the San Francisco Bay Area.
Located at 8900 SW Sweek Drive in Tualatin, Ore., Alara Hedges Creek offers one-, two- and three—bedroom apartments and features a variety of community amenities including a fitness center, a swimming pool, clubhouse, 1,000 parking spaces and a poolside fire pit area. The property is also pet friendly. According to Yardi Matrix, the community boasts an occupancy rate of 93.6 percent as of October 2016.
The Grove Apartments in San Jose, Calif., is located minutes away from I-280, I-17 and I-880 and also near employers including Valley Medical Center, Santa Clara University and the San Jose International Airport. The property allows pets and offers amenities including a barbeque area, business center clubhouse, fitness center and laundry facility.
The one-, two- and four-story Bella Vista at Hilltop is located at 3400 Richmond Pkwy. in Richmond, Calif., and according to Yardi Matrix includes amenities such as a fitness center, five swimming pools, tennis court, two spas, 1,500 parking spaces and a heated indoor pool with Jacuzzi. The community boasts an occupancy rate of 93.4 percent as of October 2016.
“These transactions allowed us to harvest gains, improve the quality of our portfolio and lock in attractive long term financing,” Kurt Zech, president of Kennedy Wilson Multifamily Investments, said in prepared remarks. “We were able to generate excess capital through these transactions while growing the cash flow of our portfolio.”