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Kennedy Wilson Acquires Largest Multifamily Asset in East Bay

^{Published on 2011-05-31 13:20:23 - Market Wire}
 

BEVERLY HILLS, Calif.--([ BUSINESS WIRE ])--International real estate investment and services firm [ Kennedy Wilson ](NYSE: KW) today announced that the company and its partners acquired Bella Vista at Hilltop, a 1,008-unit multifamily community in San Pablo, California, for $140.5 million. According to Real Capital Analytics, the purchase represents the largest single multifamily asset transaction by unit count in the U.S. thus far in 2011. The addition of Bella Vista is also the largest single multifamily asset acquisition in Kennedy Wilsona�s history, increasing the companya�s multifamily portfolio to 12,906 units in the western U.S. and Japan and assets under management to $7.4 billion.

"This deal is a prime example of Kennedy Wilsona�s ability to source high quality opportunities off market."

aBella Vista is an institutional quality asset in one of our largest target markets,a said Robert Hart, president of KW Multifamily Management Group. aThis deal is a prime example of Kennedy Wilsona�s ability to source high quality opportunities off market.a

Bella Vista at Hilltop consists of 42 three-story apartment buildings with unit sizes averaging 887 square feet. The community, recently renovated, features an expansive amenity package including four outdoor swimming pools, one indoor swimming pool, four whirlpools, one sauna, four lighted tennis courts, a professional business center, a fully-equipped exercise center, laundry rooms, a large playground area, meeting rooms and access gates.

Terms of the transaction included assumption of an existing seven-year Fannie Mae loan of $97.5 million, fixed until 2017 at 5.25%.

About Kennedy Wilson

Founded in 1977, Kennedy Wilson is an international real estate investment and services company headquartered in Beverly Hills, CA with 22 offices in the U.S. and Japan. The company offers a comprehensive array of real estate services including auction, conventional sales, property services and investment management. Through its fund management and separate account businesses, Kennedy Wilson is a strategic investor of real estate investments in the U.S. and Japan. For further information on Kennedy Wilson, please visit [ www.kennedywilson.com ].

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