November 17, 2017
Beverly Hills, CA-based Kennedy Wilson completed two asset sales totaling $304 million, which will generate roughly $130 million in profit in Q4. Summer House, a 615-unit apartment community at 1826 Poggi St. in Alameda, CA, was divested for $231 million to an undisclosed buyer.
The deal represents the largest multifamily transaction in the Bay Area in 2017, and is one of the largest single asset commercial real estate transactions recorded in the East Bay. Also, Gardner House, a 75,600-square-foot office building in Dublin, Ireland, was sold for $73 million.
Kennedy Wilson plans to reinvest the proceeds into four separate multifamily assets with a total of 996 units in the Pacific Northwest, and will also pay down unsecured debt. The newly acquired multifamily properties include Latitude, a 210-unit apartment community in Happy Valley, OR, and Heatherwood, a 264-unit apartment neighborhood in Gresham, OR. Two additional multifamily acquisitions in the Seattle and Portland markets are expected to close in 2017.
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