Company and partners acquire West Covina apartment community
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Jun. 18, 2012--
International real estate investment and services firm Kennedy
Wilson (NYSE:KW) today announced the acquisition of Torrey
Pines, a 251-unit apartment community in West Covina, CA. The company
and its partners purchased the property for $43.7 million, with $33
million in financing from Freddie Mac at 3.91%, fixed for ten years. The
company’s multifamily portfolio currently consists of ownership
interests in 14,114 units, including deals currently under contract.
“This is an excellent investment for the company because the property is
the newest market-rate apartment community in the city with no new
projects in the pipeline,” commented Robert Hart, president of KW
Multifamily Management Group. “Concessions and vacancy rates are
perennially low due to a well-documented constrained supply, and demand
is expected to remain high due to a strong segment of renter-type jobs,
high home ownership costs and a growing population.”
Torrey Pines is situated south of the I-10 freeway, approximately 20
miles east of downtown Los Angeles, and within a healthcare hub. The
property is comprised of 21 wood-frame and stucco buildings around six
courtyards and the community includes five pools, two spas, a playground
and fitness center. The company plans to complete renovations for
approximately half of the units, including kitchen and bathroom
upgrades, in addition to improving the fitness center, leasing office
and landscaping.
Kennedy Wilson, together with its institutional partners, has acquired
approximately $6.6 billion of real estate and real estate secured debt
through joint venture and consolidated investments since the beginning
of 2010, including deals under contract. As of March 31, 2012, the
estimated value of the real estate assets under the company’s management
was $11.8 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, research 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