Kennedy Wilson Snaps Up West Covina M-F Complex for $44M
- Jun 22, 2012
Kennedy Wilson has acquired Torrey Pines, a 251-unit apartment community in West Covina, for $43.7 million. Kevin Hart, president of the firm’s multi-family group, explained that the property’s position as “the newest market-rate apartment community in the city,” combined with a dearth of new product in the pipeline, made it an attractive investment. Torrey Pines joins a multi-family portfolio that consists of more than 14,000 units, including deals under contract.
Located just south of the I-10 freeway, Torrey Pines is a community of 21 buildings in the vicinity of a healthcare hub. The six courtyards in which the community is arranged include such amenities as five pools, two spas, a playground and a fitness center. Kennedy Wilson plans on renovating half of the community’s units, upgrading landscaping, kitchens and bathrooms; adding new equipment to the fitness center; and opening a new leasing office.
The acquisition was facilitated by $33 million in 10-year financing from Freddie Mac at a rate of 3.91%. Kennedy Wilson has ramped up its investment activity during the past two years, and has invested $6.6 billion in new acquisitions as well as real estate secured debt via joint ventures and investment partnerships. At the end of the first quarter this year, the company had about $11.8 billion under management.
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