San Pablo, Calif.—Kennedy Wilson and its partners have acquired Bella Vista at Hilltop, a 1,008-unit multifamily community in San Pablo, Calif., for $104.5 million. Real Capital Analytics has dubbed the purchase the largest single multifamily asset transaction by unit count in the U.S. for 2011 so far. The acquisition is also the single largest acquisition in Kennedy Wilson’s history.
“Bella Vista is an institutional quality asset in one of our largest target markets,” says Robert Hart, president of KW Multifamily Management Group. “This deal is a prime example of Kennedy Wilson’s ability to source high quality opportunities off market.”
The recently renovated community consists of 42 three-story buildings with unit sizes that average 887 square feet. Amenities include four outdoor swimming pools, one indoor swimming pool, four whirlpools, one sauna, four lighted tennis courts, a business center, an exercise center, laundry rooms, a playground, meeting rooms and access gates. Terms of the transaction included assumption of an existing seven-year Fannie Mae loan for $97.5 million, fixed until 2017 at 5.25 percent. The addition of Bella Vista increase Kennedy Wilson’s multifamily portfolio to 12,906 units in the Western U.S. and Japan.
BH Properties purchases 420-unit property in Phoenix
Phoenix—BH Properties has acquired Biltmore on the Lake Apartments, a 420-unit garden-style property in Phoenix, for $10 million. The asset, which is located within the Sunnyslope submarket, was built in the early 1980s and consists of 21 three-story buildings situated on a lake. It is the firm’s third multifamily purchases in Arizona in less than a year.
“We are motivated to invest in this market again as it is an attractive relocation destination with superior demographic growth,” says Steve Jaffe, executive vice president and general counsel at BH Properties.
The property consists of studios, one-, two- and three-bedroom units. Amenities at Biltmore on the Lake Apartments include two pools, a combination office/clubhouse, two tennis courts and a playground. The new owner also plans to add an outdoor community facility with gazebos, barbeque grills, lounge areas and a putting green.
Hendricks & Partners brokers $1.35M sale
Carlsbad, Calif. — Hendricks & Partners oversaw the sale of Oak Villa, located at 3095 Harding Street in Carlsbad, Calif. The nine-unit apartment community was sold for $1,350,000.
Oak Villa is comprised of three studio units and six two-bedroom/one-bathroom units. The property is well-maintained and is located within walking distance to Carlsbad Village and Carlsbad State Beach. Amenities include newly rehabbed units, new double-pane windows, on-site laundry facilities, standard appliances, carports and open parking. The property was 100 percent occupied at the time of sale.
The seller was Glenn L. Goldman Family Trust of Carlsbad. The buyer was 3095 Harding LLC, A CA LLC of La Jolla. Teresa McElaney of Chicago Title handled the escrow services. Cameron Aldrich of Chicago Title provided the title services. Ace Baker of Chase Bank provided a purchase loan for this transaction.
The transaction was negotiated by Dave Andrews, senior investment advisor, of the San Diego office of Hendricks & Partners on behalf of the seller. Andrews also sold this property in April 2009 for $1,340,000.