homesmillbrae.com » Kennedy Wilson

Kennedy Wilson Completes Financing and Sale of Multifamily Properties in Bay …

Fri, 04 Jan 2013 01:07:53 +0000

BEVERLY HILLS, Calif. –

International real estate investment and services firm Kennedy Wilson (NYSE: KW) today announced that it added a supplemental loan to the existing financing on Summer House Apartments, a 615-unit multifamily community that it acquired with one of its investment partners in 2010. On December 31, 2012, the company and its partner closed a $19.4 million Freddie Mac loan arranged by Berkeley Point Capital. Including this transaction, the financing on Summer House now totals $90.2 million at a fixed rate of 4.44% and maturity on November 1, 2020. Kennedy Wilson’s initial investment in the property was $2.8 million. Through this financing and previous property cash flow, the company has received a total of $3.8 million of distributions. Kennedy Wilson invested 15% of the equity in this property and, based on the distributions to date, is receiving 30% of current distributions due to its promoted interest in the property.

“This transaction exemplifies the company’s ability to produce profits in a variety of ways,” said William McMorrow, chairman and CEO of Kennedy Wilson. “We were able to take advantage of current financing opportunities and return the company’s original equity while maintaining ownership in a property located in a growing market. Additionally, we were able to sell a property in the same area that we believe has reached its stabilized value.”

On December 28, 2012, Kennedy Wilson, through its KW Property Fund III, completed the sale of Rutherford Townhomes, a 66-unit apartment property in Napa, California, for $8.7 million. The company’s KW Property Fund III originally purchased the asset for $6.6 million in 2009, producing a 1.7x gross equity multiple after the sale. Kennedy Wilson owns approximately 12% of the fund before its promoted interest.

Article source: http://www.fortmilltimes.com/2013/01/03/2413819/kennedy-wilson-completes-financing.html

Apartment renters getting richer: average incomes rising

Tue, 06 Nov 2012 08:10:28 +0000

Incomes of dwellers in apartment properties are increasing thanks in part to factors such as the economic recovery and residents preferring to pay more for amenities than a mortgage. Pictured here is Kennedy Wilson’s Bella Vista apartments in Richmond.

Blanca Torres
Reporter- San Francisco Business Times

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Average apartment renters are getting richer. A recent survey conducted by Kingsley Associates, a real estate research firm, found that average income of renters nationwide has increased significantly since 2010.

Check out the numbers:

2012: 76.5 percent of residents surveyed earn more than $40,000 per year. 41.2 percent earn more than $75,000 per year.

2010: 65.2 percent of renters earned more than $40,000 per year. Only 26.2 earned more than $75,000 per year.

Apartment rental rates are rising throughout the country and especially so in the Bay Area, where many cities have seen double-digit percentage rent growth in the past few years.

Rents rocketing, “has led to recruitment of higher-income residents, who apparently consider renting a better housing solution than they did a few years ago,” John Falco, principal at Kingsley Associates.

That’s an interesting correlation. Raising the cost of a product or service means you will attract a higher income consumer?

Or, is it the other way around where renters have more money and therefore are willing to pay more in rent? Or could it be that competition for apartments is more intense and therefore, renters have to pay more to get the best units?

Kingsley also points out that today’s renters are less sensitive to price and are less interested in buying homes. In fact, in most markets in the country, only 57.5 percent said they planned to renew their lease — a three-year low for survey respondents.

“With the notable exception of San Francisco, renewal intent is lower in every major market than it was a year ago,” a statement from Kingsley reads. “Residents may be content to rent, but they also appear to be pickier about things like location, amenities and management.”

Kingsley surveys approximately 1.5 million apartment units annually. The findings are based on survey responses received between Oct. 1, 2011 and Sept. 30, 2012.

Blanca Torres covers East Bay real estate for the San Francisco Business Times.

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Article source: http://www.bizjournals.com/sanfrancisco/blog/real-estate/2012/11/apartment-renters-getting-richer.html

Kennedy Wilson and Partners Acquire 544-Unit Multifamily …

Thu, 14 Jun 2012 01:04:28 +0000

BEVERLY HILLS, Calif., Jun 08, 2012 (BUSINESS WIRE) –
International real estate investment and services firm Kennedy
Wilson

/quotes/zigman/1532897/quotes/nls/kw KW
-0.15%

today announced the acquisition of
Waterford, a 544-unit multifamily community in Hayward, CA. The company
and its partners purchased the property for $86.5 million, with $68.1
million in financing from Freddie Mac at 3.69%, fixed for ten years. The
company’s multifamily portfolio currently consists of ownership
interests in 14,114 units, including deals currently under contract.

“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.”

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.

Kennedy Wilson, together with its institutional partners, has acquired
approximately $6.6 billion 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 billion.

About Kennedy Wilson

Founded in 1977, Kennedy Wilson is an international real estate
investment and services company headquartered in Beverly Hills, CA with
23 offices in the U.S., Europe and Japan. The company offers a
comprehensive array of real estate services including auction,
conventional sales, property services, and research 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., Europe and Japan. For further information on Kennedy Wilson,
please visit
www.kennedywilson.com .

SOURCE: Kennedy Wilson


        Kennedy Wilson
        Christina Cha
        Director of Corporate Communication
        310-887-6294
        ccha@kennedywilson.com 

www.kennedywilson.com

/quotes/zigman/1532897/quotes/nls/kw

Add to portfolio

KW

Article source: http://www.marketwatch.com/story/kennedy-wilson-and-partners-acquire-544-unit-multifamily-community-in-san-francisco-bay-area-2012-06-08

Kennedy Wilson and Partners Acquire 544-Unit Multifamily Community in San …

Fri, 08 Jun 2012 18:42:08 +0000

BEVERLY HILLS, Calif., Jun 08, 2012 (BUSINESS WIRE) –
International real estate investment and services firm Kennedy
Wilson

/quotes/zigman/1532897/quotes/nls/kw KW
+0.15%

today announced the acquisition of
Waterford, a 544-unit multifamily community in Hayward, CA. The company
and its partners purchased the property for $86.5 million, with $68.1
million in financing from Freddie Mac at 3.69%, fixed for ten years. The
company’s multifamily portfolio currently consists of ownership
interests in 14,114 units, including deals currently under contract.

About Kennedy Wilson

SOURCE: Kennedy Wilson


        Kennedy Wilson
        Christina Cha
        Director of Corporate Communication
        310-887-6294
        ccha@kennedywilson.com 

www.kennedywilson.com

/quotes/zigman/1532897/quotes/nls/kw

Add to portfolio

KW

Article source: http://www.marketwatch.com/story/kennedy-wilson-and-partners-acquire-544-unit-multifamily-community-in-san-francisco-bay-area-2012-06-08