:quality(75))
Kennedy Wilson Multifamily just sold The Grove in San Jose for $95.5M to TH Real Estate, an operating division of TIAA Global Asset Management. The sale included net proceeds of $58M. With $29M going to the company, Kennedy Wilson recognized a 5x equity multiple over the lifetime of the investment. Kennedy Wilson had 50% ownership in the 331-unit complex at 1919 Fruitdale Ave. Marcus & Millichap’s Institutional Property Advisors closed the deal.
“The investment appeal of this centrally located west San Jose apartment complex is driven by the area’s tremendous employment fundamentals, the extensive value-add upside to be gained through continued unit interior and common area amenity upgrades, the current loss-to-lease, and the pedestrian- and transit-oriented nature of the location,” IPA executive director Stan Jones said.
Stan, along with IPA executive directors Salvatore Saglimbeni and Philip Saglimbeni, repped the seller.
The property on 11.7 acres offers amenities such as two resort-style pools with furnished sundecks, a hydrotherapy spa, a fitness center, a clubhouse, a business center, a resident lounge, an outdoor barbecue area, gated access and covered parking. Units range from studio to three bedrooms.
:quality(75))
Further north, Kennedy Wilson just refinanced its wholly-owned asset of Bella Vista at Hilltop, a 1,000-unit complex in Richmond. The new $175M 10-year fixed-rate loan from Fannie Mae has a rate of 3.5% and is interest-only for the entire term. The property previously had two loans totaling $126M with an interest rate of 4.6% due to mature in June 2017 and was the company's largest debt maturity.
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