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6/11/12
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Kennedy Wilson and its investment partners closed on the $86.5 mil acquisition of Waterford, a 544-unit multifamily community in the East Bay city of Hayward. The property was purchased with $68.1 mil in financing from Freddie Mac at a rate of 3.69%, fixed for ten years.
Located at 25800 Industrial Blvd, north of the 92 Fwy and west of Hesperian Blvd, Waterford is comprised of 29 two- and three-story residential buildings with a leasing center, fitness center, two swimming pools and spas and children’s playground. The company plans to enhance the property’s amenities and complete an aesthetic upgrade of the buildings with new paint and landscaping.
All apartments have a fully equipped, state of the art gourmet kitchen installed with all of the essential accessories including microwaves and dishwashers. The units feature central air-conditioning along with high speed internet and cable TV access.
“This acquisition is an excellent opportunity for us to employ our long term experience in repositioning and managing large multifamily communities,” said Robert Hart, president of KW Multifamily Management Group. “Additionally, Waterford is in a strategic job centric infill location and situated in the East Bay near the entrance to the San Mateo Bridge, providing convenient access to residents commuting to the Silicon Valley, South Bay and San Francisco and making it a very attractive investment.”
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. As of March 31, 2012, the estimated value of the real estate assets under the company’s management is $11.8 bil.
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