Kennedy Wilson Holdings Inc. late Tuesday said that the company and its partners have acquired a 1,008-unit multifamily complex in the San Francisco Bay Area community of San Pablo for more than $140 million.
The Beverly Hills real estate investment and services firm’s acquisition of Bella Vista at Hilltop is considered the largest individual multifamily asset transaction by unit count in the U.S. so far this year, according to industry tracker Real Capital Analytics. It’s also largest multifamily asset acquisition in the company’s history, increasing Kennedy Wilson’s multifamily portfolio to 12,906 units in the western United States and Japan. Assets under management have grown to $7.4 billion with the acquisition.
“Bella Vista is an institutional quality asset in one of our largest target markets,” said Robert Hart, president of KW Multifamily Management Group, in a statement. “This deal is a prime example of Kennedy Wilson’s ability to source high quality opportunities off market.”
Terms of the transaction included assumption of a seven-year Fannie Mae loan of $97.5 million, fixed at 5.25 percent until 2017.
Shares earlier closed up 45 cents, or 4 percent, to $11.50 on the New York Stock Exchange.