RICHMOND, CA-A joint venture of three Kennedy Wilson funds and Emerald Fund Inc. auctioned off 31 condominiums here for $7.6 million or $245,000 apiece on average. The units are within a 20-year-old, 488-unit former apartment complex at 1 Shoreline Ct. known as Marina Shores, which sits next to Marian Bay and the Bay Trail.

The KW funds — KW Bay Fund Opportunity LLC, KW BASGF II and KW Fund III — acquired a majority interest in the asset and another nearby in June by taking out Lennar Corp. for an unknown sum, thereby becoming partners in the assets with Emerald Fund Inc., a San Francisco-based condominium/multifamily specialist. At that time, the two properties had a combined 712 units, 515 of them still available two years after they hit the market. Rhett Winchell, president of the Kennedy Wilson Auction Group, which handled the auction, did not immediately respond to a request for comment on how many units remain to be sold and whether they would be sold art auction.

Lennar and Emerald Fund converted the 468-unit Maria Bay apartment community to condos in 2005 at a cost of approximately $60 million after acquiring the 13-year-old development from Archstone-Smith for $98.5 million. Improvements included new appliances, new bathroom finishes, wood-burning fireplaces, and washers and dryers.

As of June 2008, the remaining Marina Shores and Marina Cove units included one bedroom units that started in the $200,000 range and two bedroom units that ranged from $300,000 to $500,000. The minimum bids for the properties at auction reportedly ranged from $140,000 to $255,000. Some of the properties went for 150% of the minimum bid, according to KW Auction Group.

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