YTD acquisitions by the company and its equity partners total
approximately $2.2 billion, which includes approximately $1.7 billion
acquired by Kennedy Wilson Europe Real Estate plc
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Jul. 1, 2014--
Global real estate investment and services firm Kennedy
Wilson (NYSE: KW) today announced that the company acquired
Kirker Creek Apartments, a 542-unit multifamily community in Pittsburg,
California, for $96.5 million. Kennedy Wilson invested $21.2 million of
equity in the transaction, including closings costs and the initial
capital expenditure budget, and secured a $77.2 million ten-year loan
from Fannie Mae at 3.78% with interest only for five years.
Kurt Zech, president of Kennedy Wilson’s Multifamily Management Group,
commented, “Kirker Creek is a fantastic addition to the company’s
current portfolio of more than 4,900 apartment units in the East Bay.
Kennedy Wilson will continue to benefit from the tremendous rental
growth that the San Francisco and East Bay markets have experienced over
the last few years, including over 9% in Pittsburg alone.”
Built in 1987, Kirker Creek offers a mix of one- and two-bedroom units
averaging 945 sq. ft. The property has direct access to Concord and
Walnut Creek and is only minutes from BART providing access to the major
regional employment centers such as Oakland and San Francisco. Amenities
include a gated entry, three pools and spas, a 24-hour fitness center, a
clubhouse with fully equipped kitchen, lounge and flat screen TV, two
24-hour regulation racquetball courts and a business center.
Kennedy Wilson’s global multifamily portfolio now totals 18,335 units.
Real estate related acquisitions by the company and its equity partners
in the first half of this year total approximately $2.2 billion, which
includes approximately $1.7 billion acquired by Kennedy Wilson Europe
Real Estate plc.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is a vertically integrated global real
estate investment and services company headquartered in Beverly Hills,
CA, with 24 offices in the U.S., U.K., Ireland, Spain and Japan. The
company, on its own or with partners, invests opportunistically in a
variety of real estate related investments, including commercial,
multifamily, loan purchases and originations, residential, and
hotels. Kennedy Wilson offers a comprehensive array of real estate
services including investment management, property services, auction,
conventional sales, brokerage and research. For further information on
Kennedy Wilson, please visit www.kennedywilson.com.
Source: Kennedy Wilson
Kennedy Wilson
Christina Cha
VP of Corporate Communication
310-887-6294
[email protected]
www.kennedywilson.com