Company and partners purchase approximately $900 million of assets in
second quarter of 2012
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Jun. 28, 2012--
International real estate investment and services firm Kennedy
Wilson (NYSE: KW) today announced that the company and its
partners acquired Via Verde, a 277-unit apartment complex in Huntington
Beach, CA for $65.7 million. In line with the company’s strategy of
securing long-term fixed rate financing, Kennedy Wilson placed a $47.8
million ten-year loan on the property from Freddie Mac at 3.59%. This
deal brings Kennedy Wilson’s total acquisitions for the second quarter
of 2012 to $889 million, including $788 million of real estate and $101
million of loans secured by real estate.
“North Orange County is undergoing a tremendous renaissance of new
multifamily and commercial development, creating a critical mass of new
housing and retail amenities,” commented Robert Hart, president of KW
Multifamily Management Group. “The nearby 800,000 square foot Bella
Terra lifestyle mall and the new Costco will drive tremendous traffic to
Via Verde, and we plan to position the property into one of Huntington
Beach’s top active lifestyle rental communities.”
The company plans to reposition the property with $3.5 million in
improvements, including a new leasing center, fitness facility, dog park
and sports court along with new contemporary paint scheme, landscaping
enhancements and interior unit upgrades.
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.
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