Kennedy Wilson and Partners Buy 420 Apartment Units in Dublin

Kennedy Wilson completes a $108.9 million Dublin acquisition; The Preiss Company buys a 770-bed asset in Gainesville, Fla.; and CIT provides Spirit Bascom Ventures with $33.3 million in acquisition financing.

Dublin, Ireland—Beverly Hills-based Kennedy Wilson has expanded its global presence with its acquisition of Clancy Quay, a 420-unit community located in Dublin, Ireland. The firm and its partners acquired the property for  €82.5 ($108.9 million) on an all cash basis. Kennedy Wilson purchased a 50 percent interest in the property and expects to place debt and financing on the property post-closing.

“With the acquisition of Clancy Quay, our portfolio now includes three of the highest quality multifamily assets in Dublin, including the Alliance Building and Sanford Lodge,” says Mary Ricks, president and CEO of Kennedy Wilson Europe. “We plan to continue growing our portfolio in Ireland and to establish Kennedy Wilson as one of the country’s preeminent real estate management companies.”

Clancy Quay was originally built in 2008. The property consists of three phases, with the first phase comprised of 420 units and 36,000-square-feet of commercial space. Phases 2 and 3 include an 8.5 acre site with planning permission for a mix of residential and commercial use.

On the larger scale, the deal represents the continued global expansion of Kennedy Wilson. The firm has acquired $1.3 billion worth of real estate and real estate related debt sine the beginning of 2013, and has a global multifamily portfolio totaling 16,242 units.

The Preiss Co. acquires Gainesville student housing asset

Gainesville, Fla.—The Preiss Company is the new owner of Canopy Apartments, a 240-unit/770-bed Class A student housing asset serving The University of Florida in Gainesville. The seller was a joint venture between Glenmont Capital Management and Arlington Properties.  Holliday Fenoglio Fowler worked to arrange the $36.3 million transaction, and also secured a $26.4 million, 12-year, 4.5 percent fixed-rate loan on behalf of The Preiss Company through M&T Realty Corp.

Canopy Apartments is located at 4400 SW 20th Avenue near the intersection of SW 43rd Street in Gainesville.  Completed in 2009, the property has five three-story residential buildings with two-, three- and four-bedroom floor plans. Each unit has granite countertops, stainless steel appliances, 9-foot ceilings, full-size washers and dryers, 42-inch plasma televisions and private bathrooms for each bedroom. Community amenities include a resort-style pool, bar and grilling area, fitness center, clubhouse with gaming area, indoor basketball court,  two sand volleyball courts, virtual golf course, tanning beds and Internet cafe. Canopy Apartments is 95 percent occupied.

CIT provides $33.3M to Spirit Bascom Ventures

South Norwalk, Conn.—CIT Group Inc. has provided a $33.3 million senior secured loan to Spirit Bascom Ventures, a partnership between New York-based Spirit Investment Partners and California-based Bascom Group. The facility was used to acquire Jefferson at 55/77 Water in South Norwalk, Conn. The two five-story buildings total 136 units and 28,000 square feet of office space.

“Traditionally, we’ve focused on acquiring distressed and value-added multifamily assets across the country; however, Jefferson at 55/77 Water presented us an incredible Connecticut real estate opportunity to acquire a Class A asset,” says Scott Zwilling, a principal with Spirit Investment Partners. “By partnering with CIT, we were able to tap their deep industry knowledge and expertise to close this transaction quickly and efficiently.”