Kennedy Wilson and Partner Acquire 160-Unit Calif. Asset
- Sep 07, 2012
Long Beach, Calif.—Kennedy Wilson and one if its investment partners have acquired Archstone Long Beach Harbor, a 160-unit multifamily community in Long Beach, Calif. The sales price was $33.5 million, which equates to approximately $209,375 per unit. Fannie Mae provided $26.8 million in financing at 3.665 percent, fixed for ten years. Kennedy Wilson invested approximately $800,000 of equity in the transaction.
“We are very pleased with this recent acquisition, which is a perfect fit for Kennedy Wilson and our partner to reposition to discriminating downtown Long Beach renters,” says Robert Hart, president of KW Multifamily Management Group. “We plan to enhance the project’s common areas, upgrade the leasing center, lobby and front entry, install new fitness center equipment, repurpose the recreation room, and add a new rooftop barbecue and lounge area to appeal to a sophisticated urban lifestyle renter.”
The asset will be rebranded and reintroduced as Westerly on 3rd. Built in 1999, the property includes 9,500 square feet of retail space, four stories of wood-frame construction with brick façade, and two floors of subterranean parking. The 160 units range from studios to one- and two-bedroom units that average 700 square feet in size.
Archstone breaks ground on second new Bay Area asset
Emeryville, Calif.—Archstone has started construction on its second apartment community in the Bay Area in less than two months. The new 175-unit development, known as Archstone Parkside, will be located at the corner of Powell Street and Hollis Street, blocks from the San Francisco Bay. The asset, which is being developed as part of a joint venture with Prudential Real Estate Investors, is located only a few miles from the development site of Archstone Berkeley on Addison, which broke ground in mid-July.
“The San Francisco Bay Area is an incredible place to live, work and play,” says Scot Sellers, chief executive officer at Archstone. “We are excited to begin the development of two new, high-end apartment communities that will help meet the constantly growing demand for rental housing in the Bay Area.”
The amenity package at the new development is slated to include views of the San Francisco and Oakland skylines, private courtyards, a pool with spa, business center, and a 24-hour fitness center with pool views and free weights.
LNR Property and LYND to begin Miami high-rise apartment
Miami, Fla.—Co-developers LNR Property LLC and LYND have closed on the acquisition of development rights and have arranged approvals and financing necessary to begin EnV Brickell, a luxury high-rise in Miami’s Brickell District. The pair has partnered with BlackRock Realty Advisors as the equity provider and Wells Fargo as the construction lender to complete the financing of the project.
Construction of the 35-story tower, which will be built above an existing Publix market and multi-level parking structure, will commence in September with an expected completion date in 2014. Behar Font & Partners, P.A. is the project architect. The tower will be built by Plaza Construction and will include a one-acre recreation deck featuring a swimming pool, spa, gazebos and cabanas.
“We are excited to follow up on the success of our EnV Chicago project with EnV Brickell,” says Michael Lynd, chief executive officer of LYND. “This project got closed after over a year of hard work and efforts on the part of the entire development team as well as many great Miami-based consultants. We look forward to delivering a project that sets a new standard for multifamily in Miami.”