Kennedy Wilson Acquires Sacramento Apartment CommunityMonday, May 14, 2012
Kennedy Wilson and partners have acquired an apartment community in Sacramento in a $64 million deal.
The community, Capitol Towers, covers a four-block area with 203 units in one 15-story tower and 206 villa units surrounding the tower.
The Beverly Hills real estate investment and services company on Monday said it will invest 50 percent of the equity in the deal, which includes financing from HFF/Freddie Mac. The partners were not named.
The deal “is an exciting play on the Sacramento Central Business District market,” Robert Hart, president of KW Multifamily Management Group, said in a statement. “The community is just a few short blocks from the Capitol Mall, the State Capitol and the light rail station.”
The acquisition will increase the company's multifamily portfolio to ownership interests in 13,876 units, the company said.
Shares were down 14 cents, or 1 percent, to $14.11 in midday trading on the New York Stock Exchange.