Kennedy Wilson (KW) Acquires Long Beach, CA-Based Community in $33.5M Deal

September 7, 2012 8:08 AM EDT
Kennedy Wilson (NYSE: KW) announced that the company and one of its investment partners acquired Archstone Long Beach Harbor, a 160-unit multifamily community in Long Beach, CA, for $33.5 million. Fannie Mae provided $26.8 million in financing at 3.665%, fixed for ten years. The company invested approximately $800,000 of equity in the transaction.

Kennedy Wilson plans to rebrand and reintroduce the property as Westerly on 3rd. Existing features include rooftop views of the Harbor and easy walking distance to a wide variety of retail and restaurant amenities. Built in 1999, the transportation centric property includes 9,500 square feet of retail space, four stories of wood-frame construction with brick façade and two floors of subterranean parking. The 160 units range from studios to one and two bedrooms and average 700 sq. ft.

Kennedy Wilson, together with its institutional partners, has acquired approximately $6.6 billion of real estate and real estate related debt since the beginning of 2010. The company’s multifamily portfolio in the U.S., Ireland and Japan totals 14,274 units.

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