Kennedy-Wilson Makes Local Multi-Family AcquisitionMonday, June 18, 2012
Kennedy-Wilson Holdings Inc. and partners on Monday said they had acquired Torrey Pines, a 251-unit apartment community in West Covina.
The Beverly Hills real estate investment and services company said that the $43.7 million acquisition price included $33 million in financing from Freddie Mac at an interest rate of 3.91 percent fixed for 10 years. The company did not disclose its partners in the deal.
"This is an excellent investment for the company because the property is the newest market-rate apartment community in the city with no new projects in the pipeline," said Robert Hart, president of subsidiary KW Multifamily Management Group. “Demand is expected to remain high due to a strong segment of renter-type jobs, high home ownership costs and a growing population.”
Kennedy-Wilson’s portfolio includes ownership interests in multifamily and commercial properties in the United States, Europe and Japan.
Shares were down 1 cent, or less than 1 percent, to $13.40 in midday trading on the New York Stock Exchange.