ANAHEIM, CA-The Multifamily Management Group of Beverly Hills-based Kennedy Wilson has acquired the 286-unit Vista Pointe apartments from Essex Property Trust for $46 million and plans a value-added play including $3.5 million in renovations. The property is a garden style apartment complex that was built in 1969and occupies 11.5 acres at 175-225 S. Rio Vista St.
Robert Hart, president and CEO of Kennedy Wilson Multifamily, says that the company plans to revitalize the property through the rehabilitation plan and sees upside potential in large part because of the Vista Pointe location in "one of the Southland's most dynamic apartment markets." Kennedy Wilson bought the property in a joint venture with equity investors MC Realty and Kenedix, with Wachovia providing the financing.
Vista Pointe's location is close to the 57, 91 and 5 freeways as well as Disneyland, Edison Field and the Anaheim Convention Center. Its 286 units include 174 one-bedroom, one-bath apartments and 112 two-bedroom, two-bath units 528 parking spaces. The complex is unusual in that the two-bedroom units feature dual master suite floor plans and some of the apartments have their own enclosed back yards and attached garages
The Kennedy Wilson rehabilitation plan will include the installation of fencing to create private patios and additional backyards, as well as adding garages. The new owners also plan to create a modern leasing office, improve unit interiors and enhance the front entry.
The complex was 94% occupied at the time of the closing in a submarket where the occupancy rates run at 96% and higher. It features two swimming pools with tanning decks and covered patio areas with barbecues and vending machines, two recreation rooms, two fitness centers, three laundry facilities and a children's play area.
The sale of the Vista Pointe property was brokered by Stewart Weston of Marcus & Millichap, who represented both the buyer and the seller.
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