Kennedy-Wilson Holdings Inc. on Friday said that it and a partner have acquired a 160-unit apartment community in Long Beach for $33.5 million.
The Beverly Hills real estate investment and services firm said that it invested about $800,000 of equity in the acquisition of Archstone Long Beach Harbor. In addition, Fannie Mae provided $26.8 million in financing at a 3.665 percent interest rate, fixed for 10 years.
The property was sold by Archstone, a large operator of upscale apartments that is based in Engelwood, Colo.
Kennedy-Wilson, which did not identify its investment partner, plans to renovate and rebrand the property as Westerly on Third. The units average 700 square feet and range from studios to one- and two-bedrooms.
“We are very pleased with this recent acquisition, which is a perfect fit for Kennedy-Wilson and our partner to reposition to discriminating downtown Long Beach renters,” said Robert Hart, president of Kennedy-Wilson’s KW Multifamily Management Group, in a statement.
With the acquisition, Kennedy-Wilson’s portfolio includes more than 14,000 multifamily units in the United States, Ireland and Japan.
Shares closed up 1 percent to $14.06 on the New York Stock Exchange.