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7/02/14
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Kennedy Wilson has acquired Kirker Creek Apartments, a 542-unit multifamily community in Pittsburg, CA, for $96.5 mil ($178k/unit). Kennedy Wilson invested $21.2 mil of equity in the transaction, including closings costs and the initial capital expenditure budget. The company secured a $77.2 mil, ten-year loan from Fannie Mae at 3.78% with interest only for five years.
Built in 1987, Kirker Creek offers a mix of one- and two-bedroom units averaging 945 sf. The property has direct access to Concord and Walnut Creek and is only minutes from BART, providing access to the major regional employment centers such as Oakland and San Francisco.
Amenities include a gated entry, three pools and spas, a 24-hour fitness center, a clubhouse with fully equipped kitchen, lounge and flat screen TV, two 24-hour regulation racquetball courts and a business center.
According to Kurt Zech, president of Kennedy Wilson’s Multifamily Management Group, the company expects to benefit from the tremendous rental growth that the San Francisco and East Bay markets have experienced over the last few years, including over 9% in Pittsburg alone. Kennedy Wilson’s global multifamily portfolio now totals 18,335 units.
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