{"id":1004040021,"date":"2012-04-18T05:57:33","date_gmt":"2012-04-18T13:57:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004038437"},"modified":"2022-12-08T22:25:21","modified_gmt":"2022-12-09T06:25:21","slug":"kennedy-wilson-sells-two-multi-family-properties-for-154m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-sells-two-multi-family-properties-for-154m\/","title":{"rendered":"Kennedy Wilson Sells Two Multi-Family Properties for $154M"},"content":{"rendered":"

By Nicholas Ziegler, News Editor<\/strong>
\n

\"\"<\/a>

360 Residences in San Jose<\/p><\/div><\/p>\n

Kennedy Wilson has shed two multi-family assets for a total of $154 million, the firm reported yesterday. Net proceeds of $64 million will be distributed to the company and equity holders, with $18.5 million reserved for the firm. The two assets, 360 Residences in San Jose and Arbor Creek Apartment Homes in Beaverton, Ore., were sold to two separate buyers at an average cap rate of 4.5 percent.<\/p>\n

The firm first acquired the deed to 360 Residences in November 2010 and spent $2 million on a rehab effort, stabilizing the property at 97 percent occupancy by the time of sale. \u201cThe goal was to complete and then stabilize the asset, and we took 360 from a note to an income producing apartment building in ten months,\u201d Robert Hart, president of KW\u2019s multi-family management group, said.<\/p>\n

\u201cRarely do truly iconic assets like 360 Residences come to market, especially in infill locations with high barriers to entry and severe supply constraints,\u201d Stan Jones, executive vice president of investments with Institutional Property Advisors, said. \u201cThe property\u2019s prime downtown location in one of the strongest job markets with arguably the best demographics in the United States attracted numerous institutional buyers.\u201d IPA, a division of Marcus & Millichap Real Estate Investment Services Inc., helped arrange the San Jose sale.<\/p>\n

The firm also noted that the net operating income of Arbor Creek has improved by 22 percent since 2010, and that Kennedy Wilson has performed significant upgrades to the property.<\/p>\n

KW has been looking more at the finance side of the industry in its last few transactions. In early March, the firm partnered with Fairfax Financial Holdings Ltd.<\/a> to form a $365 million joint venture to seek assets, loans and property in Europe. The week prior, KW acquired research-and-consulting firm Meyers Research L.L.C.<\/a> and sold a 14-story luxury multi-family building<\/a> in Los Angeles for $74 million.<\/p>\n

While it\u2019s no secret that the multi-family sector remains attractive to investors, a 2012 outlook report by Marcus & Millichap Real Estate Investment Services Inc. showed that the pace of investment is unlikely to slow anytime soon. \u201cThe fourth-quarter (apartment) vacancy rate measured 5.2 percent, representing a 40-basis-point decline from the third quarter and a sharp drop of 140 basis points from just a year ago,\u201d the report noted. \u201cEffective rents now meet or exceed their prior 2008 peaks in many markets.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Kennedy Wilson has shed two multi-family assets — 360 Residences in San Jose and Arbor Creek Apartment Homes in Beaverton, Ore. — for a total of $154 million to two separate buyers. <\/p>\n","protected":false},"author":1201,"featured_media":1004039437,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21742,21785,15],"tags":[],"class_list":["post-1004040021","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-latest","category-property-management","category-west"],"acf":[],"yoast_head":"\nKennedy Wilson Sells Two Multi-Family Properties for $154M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-sells-two-multi-family-properties-for-154m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kennedy Wilson Sells Two Multi-Family Properties for $154M\" \/>\n<meta property=\"og:description\" content=\"Kennedy Wilson has shed two multi-family assets -- 360 Residences in San Jose and Arbor Creek Apartment Homes in Beaverton, Ore. -- for a total of $154 million to two separate buyers.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-sells-two-multi-family-properties-for-154m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-04-18T13:57:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T06:25:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/04\/041812-360-Residences-San-Jose.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"480\" \/>\n\t<meta property=\"og:image:height\" content=\"431\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nicholas Ziegler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-sells-two-multi-family-properties-for-154m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-sells-two-multi-family-properties-for-154m\/\",\"name\":\"Kennedy Wilson Sells Two Multi-Family Properties for $154M - 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