January 15, 2016
Kennedy Wilson has reportedly sold The Artisan, a 275-unit multifamily property at 15555 Huntington Village in Huntington Beach, for $87.5-million to Domino Realty Management Company, Inc.
The per-unit price of nearly $320,000 makes this one of the top five largest single-property sales in Orange County last year. The average price per unit on properties with 20 or more units selling for over $1 million had been $224,970.
The transaction was negotiated by Berkadia’s Shane Shafer and Peter Hauser, while Allan Freedman assisted with financing.
In June 2012, Kennedy Wilson purchased the property and added value by renovating both the interiors and exteriors. Brokers say strong investor interest was received, because it’s rare for an asset of this size in a desirable submarket with improving conditions to be offered for sale.
Tags: Apartments & Multifamily