SAN MATEO, CA-Locally based H&W Enterprises has sold 600 units in the Northern California cities of Sacramento and Vallejo to a JV led by Kennedy Wilson Multifamily Management Group of Beverly Hills for $83 million. Both properties are gated, garden-style communities developed in 1988.
The Sacramento property, ShorePark at Riverlake, has 393 units in 49 wood-frame and stucco buildings surrounded on three sides by high-end single-family homes. Amenities include two swimming pools with spas, lighted tennis courts and two recreation centers housing fitness equipment and saunas. Apartment residents have private access to the Sacramento River and a private lake within the Riverlake community. The street address is 7952 Pocket Rd. The sale price was $51.25 million. KW Multifamily intends to invest an additional $2.5 million in upgrades.
The Vallejo property, Bay Village, has 206 units in 45 two-story wood-frame buildings on 18.63 acres at 1107 Porter St. The site is on a bluff overlooking San Pablo Bay and Mare Island. Amenities include a spa, swimming pool and fitness center. KW Multifamily plans to spend $2 million on a host of interior and exterior improvements designed to improve Bay Village's market position.
KW Multifamily's JV partner in the acquisitions was Wachovia Securities. The JV, which has acquired some 1,246 units in recent weeks, focuses on properties in supply constrained in-fill submarkets and others located in markets it believes are poised for substantial recovery. Stan Jones of Marcus & Millichap represented the JV in both acquisitions.
H&W Enterprises is a real estate investment and development company whose chairman is Chang Jen Huang, a Chinese calligraphy expert who from 1975 to 1981 was vice chairman of Oceanic Petroleum Corp.
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