BEVERLY HILLS, Calif., Nov. 19 /PRNewswire-FirstCall/ -- 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.
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 .
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
'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
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 http://www.kennedywilson.com.
CONTACT: CLIVE HOFFMAN ASSOCIATES
310/205-9930
SOURCE Kennedy Wilson Multifamily Management Group
