), a real estate investment trust (REIT), has recently announced
the acquisition of a 544-unit multi-family community named
Waterford in Hayward, California for $86.5 million. Kennedy Wilson
and its partners invested $18.4 million while the remaining $68.1
million were financed by Freddie Mac at a fixed-rate interest of
3.69% for 10 years.
Waterford comprise of 29 two- and three-storied residential
buildings with several amenities such as a leasing center, fitness
center, two swimming pools and spas, and a children's playground.
Kennedy Wilson further plans to renovate and re-develop the
property to augment its aesthetic value.
The property is strategically located in the job-centric East
Bay area near the San Mateo Bridge. Its connectivity to the Silicon
Valley, South Bay, and San Francisco further enhances the potential
of higher asking rents for the property.
Since 2010, Kennedy Wilson and its institutional partners have
acquired approximately $6.6 billion worth of real estate and
secured debt through joint venture and consolidated investments
Headquartered in Beverly Hills, California, Kennedy Wilson
offers a wide array of real estate services including auction,
conventional sales, property services, research and investment
management with 23 offices in the U.S., Europe and Japan. As of
March 31, 2012, the value of the real estate assets under the
company's management stood at $11.8 billion.
Kennedy Wilson currently retains a Zacks #3 Rank, which
translates into a short-term Hold rating. We have a long-term
Neutral recommendation on the stock. One of its competitors,
CBRE Group, Inc
) also holds a Zacks #3 Rank.
CBRE GROUP INC (CBG): Free Stock Analysis
KENNEDY-WILSON (KW): Free Stock Analysis Report
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