Transactions Involve 992 Units from Montebello to San Jose
BEVERLY HILLS, Calif. (November 19, 2007) – Taking advantage of the strong California apartment markets, Kennedy Wilson Multifamily Management Group (KW Multifamily), a leading West Coast apartment investor, has sold four of its California rental properties in the last 30 days for a total of approximately $147,000,000.
In the most recent disposition, which closed on November 5, 2007, the 200-unit Creekside Apartments at 1800 Stokes Street in San Jose was purchased by Klingbeil Capital Management. Stan Jones and Sal Saglimbeni of Marcus and Millichap represented KW Multifamily in the $35,550,000 deal.
A few weeks earlier, the Windscape Village Apartments on North “L” Street in Lompoc was purchased by LeFever Mattson, Inc. for a price tag of $42,250,000. Windscape, the largest of KW Multifamily’s recently sold apartment properties, contains 328 apartment homes. Robin Ossenbeck of Hendricks & Partners represented both KW Multifamily and the buyer.
The other two dispositions both closed in early October. In one, LeFever Mattson acquired its first Santa Barbara County property from KW Multifamily for $30,250,000. Greg Harris of Marcus & Millichap represented KW Multifamily in the sale of the 208-unit County Oaks Apartments located on East Enos Drive in Santa Maria. Ossenbeck again represented LeFever Mattson.
One-hundred and seventy miles south in Montebello, Somerset on Garfield was sold to Advanced Real Estate Services, Inc. The purchase price of the 256-unit community on North Garfield Avenue was $39,250,000. The Marcus & Millichap agents representing the seller were Ron Harris and Stew Weston.
“Having effectively repositioned these assets and increased cash flow, we will re-invest the proceeds of these sales in other multifamily properties that meet our criteria of acquiring under-performing assets in urban markets,” said Bob Hart, president and CEO of KW Multifamily. “Given the current disruptions in the availability of capital for home ownership and mounting defaults and foreclosures, we seek continued opportunity for increasing rents in well-positioned properties in major urban West Coast markets, including California and the Pacific Northwest.”
KW Multifamily is a subsidiary of Kennedy Wilson, a Beverly Hills-based real estate services and investment firm. Founded in 1977, Kennedy Wilson has 20 offices throughout the U.S. and Japan. It seeks value-added opportunities in partnership with clients in pursuit of above-market investor returns and higher real estate values. KW Multifamily is actively involved in the acquisition, repositioning, management, leasing and disposition of assets in the Western U.S. KW Multifamily has purchased over 12,000 apartments in California, Oregon and Washington totaling $1.4 billion. For further information, visit www.kennedywilson.com.