Kennedy Wilson Fund Buys Sacramento Apartments for $120M

Kennedy Wilson’s Fund VI has acquired Autumn Ridge, a garden-style apartment community in the Citrus Heights neighborhood of Sacramento, for $120 million. The fund plans to invest an additional $9 million to upgrade the property including renovations to unit interiors, common spaces and amenities.

The Kennedy Wilson was attracted to the property because of recent growth in the Sacramento market with the firm’s president Mary Ricks saying, “We are eager to expand our presence in a such a compelling market.” A recent multifamily report from Yardi Matrix found that rents in Sacramento increased 6.4% this year, leading the nation for post-pandemic rent growth alongside Southern California industrial hub the Inland Empire. The two markets are also among the top three for occupancy growth year-over-year, with occupancy in the Inland Empire ticking up 2.2% in January and Sacramento showing a 1.2% increase.