Kennedy Wilson, a real estate investment firm, has sold Vallejo, California-based Bay Village Apartments. The buyer was not specified. No financial terms were disclosed. In 2010, Kennedy Wilson acquired a 50 percent ownership stake in the property that was acquired with a joint-venture partner.
BEVERLY HILLS, Calif.–(BUSINESS WIRE)–Global real estate investment company Kennedy Wilson (NYSE:KW) (“KW”) announced today the sale of the Bay Village Apartments in the San Francisco suburb of Vallejo, California. Kennedy Wilson had a 50% ownership in the 260-unit property that was acquired alongside a joint-venture partner in 2010.
Since 2010, Kennedy Wilson increased net operating income at Bay Village by 121%, resulting in a pre-tax gain on sale of $20 million to Kennedy Wilson.
“This sale enables us to recycle capital into other strategic investment opportunities that we plan to close this month,” said Kurt Zech, President of Kennedy Wilson’s multifamily division. “We are proud of the value-add program we implemented at this well-located property that has benefited from its proximity to job centers and schools, as well as the continued strong demand for attainable rental housing in the North Bay.”
Located at 1107 Porter Street, Bay Village Apartments are situated on a waterfront bluff two miles from downtown Vallejo. The collection of one- and two-bedroom apartment homes across 41 two-story buildings on 18.5 acres was originally built in 1988 and has undergone significant improvements, including exterior renovations and unit upgrades under Kennedy Wilson’s ownership. The clubhouse was also completely remodeled, including an expanded fitness center for residents.
Kennedy Wilson maintains a large presence in Northern California with an ownership interest in over 800,000 commercial square feet and approximately 2,900 multifamily units. Globally, Kennedy Wilson holds an ownership interest in over 27,000 multifamily units, including approximately 3,400 multifamily units under development or in design.
About Kennedy Wilson
Kennedy Wilson (NYSE:KW) is a global real estate investment company. We own, operate, and invest in real estate both on our own and through our investment management platform. We focus on multifamily and office properties located in the Western U.S., UK, and Ireland.
For further information on Kennedy Wilson, please visit: www.kennedywilson.com.