Company Announces Acquisition of La Vista in Santa Maria, California
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Dec. 14, 2011--
International real estate investment and services firm Kennedy
Wilson (NYSE: KW) today announced the acquisition of La
Vista, a 460-unit multifamily community located in Santa Maria,
California. Kennedy Wilson and its partners purchased the property for
$42 million, with $34.2 million in financing from Freddie Mac at a 4.07%
fixed rate, 7-year term. The acquisition increases the company’s
multifamily portfolio to include investments in 13,531 units in the U.S.
and Japan.
“Kennedy Wilson has established a strong track record of successful
investments in Santa Maria and Santa Barbara County dating back nearly a
decade,” said Robert Hart, president of KW Multifamily Management
Group. “The strong and growing agricultural base in Santa Maria creates
a steady demand for workforce housing and La Vista is well positioned in
the marketplace with its low density, park like setting and strong curb
appeal.”
La Vista is the largest multifamily community in Santa Maria and boasts
numerous amenities. The property consists of studios, lofts, and one-,
two- and three-bedroom homes with fully equipped kitchens, spacious
patios and balconies and abundant closet space.
Kennedy Wilson, together with its institutional partners, has acquired
approximately $5.1 billion of real estate and real estate secured debt
through joint venture and consolidated investments since the beginning
of 2010. The estimated value of the assets under the company’s
management is currently more than $12 billion.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is an international real estate
investment and services company headquartered in Beverly Hills, CA with
23 offices in the U.S., Europe and Japan. The company offers a
comprehensive array of real estate services including auction,
conventional sales, property services and investment management. Through
its fund management and separate account businesses, Kennedy Wilson is a
strategic investor of real estate investments in the U.S., Europe and
Japan. For further information on Kennedy Wilson, please visit www.kennedywilson.com.
Source: Kennedy Wilson
Kennedy Wilson
Christina Cha
Director of Corporate
Communication
(310) 887-6294
[email protected]
www.kennedywilson.com