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September 22, 2021
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Kennedy Wilson Fund VI Closes $120 Mil Multifamily Sacramento Area Acquisition

9/02/21

Kennedy Wilson Fund VI has acquired Autumn Ridge, a 410-unit, garden-style apartment community in Sacramento’s Citrus Heights suburb for $120 mil, or $293k/unit. Kennedy Wilson Fund VI (“Fund VI”) is a commingled fund managed by Kennedy Wilson.

Autumn Ridge is located at 6011 Shadow Ln, near the intersection of Auburn Blvd and Greenback Lane, providing residents with direct access to the Creekside Shopping Center and proximity to Interstate-80. Nearly 500,000 jobs are located within a 20-minute commute of the apartment community, including employment opportunities in Roseville and the Sacramento Urban Core.

The property consists of a mix of one- and two-bedroom units. Autumn Ridge offers a robust collection of common area amenities including a clubhouse, fitness center, three resort-like pools, and several sport courts. Individual units feature ceiling fans, walk-in closets and vaulted ceilings.

The Fund VI team plans to invest more than $9 mil to renovate unit interiors, enhance amenities and common spaces throughout the community, update the exteriors of the site’s 29 buildings and address deferred maintenance.

“The Sacramento apartment market has experienced tremendous growth and we are eager to expand our presence in a such a compelling market. We believe Sacramento has a long runway for growth as renters continue to seek out more space, more affordable rents and easy access to jobs and the outdoors,” said Kennedy Wilson President Mary Ricks.

Kennedy Wilson has an 11% interest in Fund VI, which targets value-add real estate opportunities in high growth markets across the Western United States and focuses on underperforming real estate that should benefit from a significant repositioning or renovation through Kennedy Wilson’s asset management program.






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