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6/29/12
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A Kennedy Wilson-led investment partnership just acquired Via Verde, a 277-unit apartment complex in Huntington Beach, for $65.7 mil ($237.2k/unit). The purchase was financed with a 10-year loan for $47.8 mil from Freddie Mac at a fixed rate of 3.59%.
This deal brings Kennedy Wilson’s total acquisitions for the second quarter of 2012 to $889 mil, including $788 mil of real estate and $101 mil of loans secured by real estate. The company’s recent purchases just in the past few weeks have included $86 mil on the 544-unit Waterford in Hayward and $43 mil on the 251-unit Torrey Pines in West Covina, as previously reported on RENTV.
“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 800k sf 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 mil 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 bil of real estate and real estate secured debt through joint venture and consolidated investments since the beginning of 2010, including deals under contract.
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