HAYWARD, CA-Kennedy Wilson has purchased theWaterford apartment community here for $86.5million. The 544-unit property was sold by AvalonCommunities.

The Beverly Hills, CA-based KW and its partners purchased theproperty with $68.1 million in financing from FreddieMac at 3.69% fixed for 10 years. RobertHart, president of KW’s Multifamily Management Group, saidin a statement that the complex is a very attractive investment.“Waterford is in a strategic job centric infill location, andsituated in the East Bay near the entrance to the San Mateo Bridge,providing convenient access to residents commuting to SiliconValley, South Bay and San Francisco,” he said.

The complex is comprised of 29 two- and three-story residentialbuildings. Amenities include a fitness center, two swimming poolsand a playground. The firm plans to enhance the amenities andupgrade the buildings with new paint and landscaping.